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📣 io.net Launches World’s Largest Decentralized AI Compute Cloud at Breakpoint Conference
Solana Breakpoint conference was the venue for a landmark announcement by io.net, which confirmed the beta launch of what it calls the world’s largest decentralized AI compute cloud. On November 3rd, COO Tory Green and Head of Business Development Angela Yi will announce the public beta launch of io.net at the main stage of Solana Breakpoint. Once io.net launches to the public, engineers and GPU suppliers will be able to onboard themselves onto the network. The news represents a beacon of opportunity for cryptocurrency miners in possession of underutilized GPUs.
At Breakpoint, Yi and Green revealed that the network already boasts 107K committed GPUs, which are set to be rolled out in stages. Current figures underscore the platform’s pre-launch success, with demand for 23K GPUs and growing. Ahmad credits such impressive stats to the fact that io.net is “providing an effective solution to a real problem for both clients and suppliers.” io.net is said to be up to 90% more cost-effective than traditional GPU providers such as AWS and Azure. “Our vision has always been to bridge the gap between underutilized resources and rising computational demands facing AI and ML engineers, not to mention crypto miners. I believe we can make a significant contribution to the AI revolution over the coming months and years.” The company confirmed that its DePIN platform would undergo continuous testing and updates.
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💰 Sam Bankman-Fried Uncertain Over FTX Customer Funds’ Mysterious Transfer
Sam Bankman-Fried finds himself embroiled in a high-stakes legal battle, facing a daunting list of charges including seven counts of wire fraud and conspiracy FTX customer funds. According to Sequoia Capital, FTX customer funds, Bankman-Fried’s frustration with existing exchanges propelled him to establish FTX customer funds under the umbrella of his crypto trading firm, Alameda Research. However, the Securities and Exchange Commission (SEC) has leveled damning accusations, alleging that FTX was deceptive right from its inception.
The superseding indictment paints a troubling picture of Bankman-Fried’s alleged misappropriation and embezzlement of FTX customer deposits. Despite projecting an image of trustworthiness in the crypto sphere, Bankman-Fried is accused of orchestrating a deceptive scheme, funneling customer funds into extravagant investments, real estate acquisitions, and debt repayments for Alameda Research. As the legal battle rages on, a more salacious aspect emerges, with Bankman-Fried’s ex-girlfriend and childhood friend testifying against him. Revelations in court about alleged recreational drug use and political donations add a dramatic twist to an already convoluted saga, further tarnishing Bankman-Fried’s once sterling reputation in the crypto community. Amid the fallout, the future of FTX remains uncertain, casting a shadow over the once-celebrated legacy of its founder.
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🔶 BUSD market cap down 90% from all-time high as stablecoin winds down
BUSD’s market capitalization has fallen 90% from its all-time high of $23.49 billion on Nov. 15, 2022, according to CoinMarketCap data. The stablecoin's current market cap is around $2 billion — down over $21 billion from its all-time high. In early 2023, BUSD-issuer Paxos was the recipient of regulatory actions from the U.S. Securities Exchange Commission and the New York District of Financial Services. The news comes as the market share of the First Digital USD stablecoin continues to grow — now at a market cap of over $470 million, according to CoinGecko.
Binance has encouraged users to convert their BUSD balances to FDUSD. In August, the crypto exchange added that users can trade BUSD for FDUSD with zero trading fees or convert BUSD balances to FDUSD at a 1:1 ratio. In February of this year, Paxos said it was halting the minting of new stablecoins. The announcement came after Paxos received an order from the NYDFS to stop issuing the stablecoin. On the same day, the SEC said it would sue Paxos for listing BUSD, alleging it is an unregistered security. "BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024," the stablecoin issuer said in an announcement. Binance and Paxos have said they will gradually phase out support for BUSD.
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💰 Spot Bitcoin ETF Excitement Hits Main Street, Google Search Indicates
Interest in the impending increased use of bitcoin (BTC) in financial markets through a potential spot exchange-traded funds (ETF) has filtered through to retail investors, Google Trends data appears to show. The worldwide Google search value for the phrase "spot bitcoin ETF" for a five-year window is on track to hit the peak value of 100 this week, indicating maximum interest among the general population. The value for "bitcoin ETF" has increased to 39, the highest since ProShares' futures-based ETF was launched two years ago.
In other words, more and more people on main street are scanning the web for information about bitcoin spot ETFs and how they might affect the market capitalization of what is already the world's largest the cryptocurrency. Market participants are convinced that the U.S. Securities and Exchange Commission, having recently missed a deadline to challenge a critical legal loss, will approve a spot ETF early next year, opening the liquidity floodgates. "The approval of a spot BTC ETF has been an enduring theme in the crypto space and is often seen as a barometer of BTC's mainstreaming," Toronto-based crypto platform FRNT Financial, said in an email on Thursday, referring to the spike in Google search values for ETF.
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📣 Ether.Fi Rolls Out Liquid Staking Token eETH, That Can be Restaked on EigenLayer
Decentralized finance (DeFi) protocol ether.fi has rolled out a liquid staking token (LST) that allows users to generate rewards by staking ether (ETH). Decentralized finance refers to financial activities, like lending and borrowing, carried out on the blockchain without traditional intermediaries. The sector emerged in early 2020, in a period which was dubbed DeFi summer, and soon became a central driving point for blockchain adoption. However, the frenzy has partly fizzled out due to the crypto winter and high-interest rates.
The staked ether can automatically being restaked on EigenLayer. EigenLayer is one of the most popular restaking protocols with more than $210 million in total value locked, according to DefiLlama. Users that stake ether on ether.fi will receive the protocols LST (eETH), which can be used to generate further yield across the DeFi ecosystem. Users will retain control of their private keys throughout the process. “Our goal is to help support Ethereum decentralization by making non-custodial staking easy and accessible.” said Mike Silagadze, CEO of ether.fi. “We are betting on Ethereum as the main smart contract platform that will ultimately become the value settlement layer for the world. By launching eETH we aim to give users access to safe staking and restaking.”
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🪙 Ethereum Devnet 9 Still Facing Testing Issues
In a recent Ethereum developer conference call, Christine Kim, the Vice President of Galaxy Research, summarized the ongoing developments and challenges within the Ethereum ecosystem. One critical observation during the meeting was that Ethereum Devnet 9 still requires extensive testing. Notably, Ethereum Devnet 9 has limitations, with only one relay and builder, making it capable of handling regular transactions but unable to manage blob transactions.
Developers gathered to address emerging issues and bugs on Ethereum Devnet 9 and engage in a lengthy discussion regarding the merits of EOF (EVM Object Format). The Ethereum Foundation’s testing team highlighted four crucial areas of focus before proceeding to Ethereum Devnet 10. These areas include updating the trusted settings file for the EIP-4844KZG ceremony, enhancing the visibility of blob transactions, optimizing the MEV pipeline, and ensuring network stability. Kim emphasized that Ethereum’s evolution, particularly since the merger, has introduced complexity to the upgrade protocol. As a result, testing takes time, and developers might even consider launching another development network after Ethereum Devnet 10 before proceeding to a public testnet.
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📣 USDR Issuer to Salvage Failed Property-Backed Stablecoin’s Assets, ‘Make Users Whole’
Crypto’s latest depegging disaster may take a turn for the better for affected investors. The issuer of failed real estate-backed stablecoin USDR plans to liquidate the token’s assets and hold a redemption. Holders of USDR will be able to redeem their severely devalued stablecoins for a mix of cryptocurrency assets, some of which represent real estate in the U.K., according to an announcement on the server. It's unclear how much value the redemption process – which could take months – will ultimately return for investors.
USDR fell from its $1 peg to nearly 50 cents this week after much of the asset’s DAI reserves got drained by investors fleeing the token, which is backed primarily by real estate holdings. It’s among the first high-profile failures in a niche sector of the crypto markets called real-world assets (RWA) whose proponents find various ways to tokenize more traditional investments like real estate and treasuries. The $45.5 million USDR in circulation was trading at a 44% discount at press time. But it also made it riskier. Circle keeps much of its stablecoin’s reserves in highly liquid (and incredibly safe) short-term Treasury bonds. In contrast, USDR’s more speculative, illiquid real estate assets can’t be sold quickly to meet the bank run-like conditions that played out this week, one investor said.
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🟠 BNB Chain Airdrop Marathon Launched To Promote The Ecosystem
On October 9, BNB Chain made a significant announcement as it unveiled plans for a two-month airdrop marathon aimed at fostering increased activity within its ecosystem. This initiative seeks to engage users with innovative Web 3 projects while providing lucrative rewards. The BNB Chain Airdrop Marathon, set to span two months, promises weekly excitement with new airdrop activities commencing every Tuesday. During each weekly event, one to three projects will participate, generously offering tokens as rewards, either as fixed allocations or based on total issuance.
Participation in the airdrops is accessible and straightforward: users must complete tasks set by the project teams to qualify for these token-based rewards. This blend of on-chain and off-chain activities allows for greater community engagement. It’s worth noting that BNB Chain faced regulatory scrutiny from the SEC in Q2, which led to a 25.2% decline in its value. However, despite these regulatory challenges, the network’s activity remains robust, with a notable 24.4% quarter-over-quarter increase in daily average transactions. The BNB Chain Airdrop Marathon promises to be an exciting journey for both BNB Chain enthusiasts and newcomers, providing an opportunity to explore innovative projects and earn rewards while contributing to the vibrant BNB Chain community.
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💰 September Marked Record Profits for Bitcoin Miners
September of 2023 was a great month for Bitcoin mining companies. While the crypto world has been focused on the high-profile court cases regarding SBF and Celsius’ Mashinsky, Bitcoin miners have steadily been improving their hash rates, promising a greater future supply of the first cryptocurrency. News of record outputs from three Bitcoin mining firms coincides with reports of Kraken witnessing a 5-year ATH of BTC inflow and a 506.06M hash rate spike in mid-September, according to YCharts.
CleanSpark mined 643 BTC in September, bringing its total BTC holdings to 2,240. According to the firm’s CEO, these numbers have not only made the past few months their most profitable quarter on record – they’ve turned CleanSpark’s FY23 into their best year to date. Riot Blockchain also reportedly had a great month. Although the firm only mined about half as much as CleanSpark did – a total of 362 BTC – this is largely due to a deal struck with ERCOT, Texas’ electric grid. Although CleanSpark and Riot Blockchain both had stellar results in September, they were outdone by Marathon Digital Holdings. According to a press release submitted by the firm, Marathon produced 1,242 BTC during September, bringing its Year-to-Date total to 8610.
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🇺🇸 US crypto legislation could stall amid Republican leadership drama
Rep. Patrick T. McHenry's shift to temporarily cover one of the most powerful U.S. leadership seats could waste precious time needed to move cryptocurrency bills closer across the finish line. McHenry, who took over the position of Speaker of the House on Tuesday with a deafening gavel bang, could hold the spot for a week — or much longer. He doesn't seem to have even wanted the post to begin with, preferring to lead the House Financial Services Committee in getting bills, including crypto, out the gate.
His focus will now likely be shifted after former Speaker Kevin McCarthy, R-Calif, was ousted on Tuesday following a power struggle with far-right lawmakers including Rep. Matt Gaetz, R-Fla. Two bills just advanced out of his committee in July and are awaiting a full House vote before being passed to the Senate. One bill would regulate stablecoins, while the other takes a comprehensive approach at creating a regulatory framework for crypto; even with an eventual House vote, they would still need to garner support in the Senate, which could prove to be tough. "Those bills are just sitting there and we really can’t do anything to move the needle here, we just have to wait for the general politics to play out and then get back to legislating, which is the unfortunate situation,” Hammond said.
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📣 Chainalysis lays off 15% of staff, plans to focus on public sector
Crypto analytics firm Chainalysis is laying off about 150 employees, or about 15% of its staff. In a Monday internal email to staff, its CEO Michael Gronager said the firm has to retreat from the commercial market and focus on government contracting, which seems more stable, according to a Forbes report. Madeleine Kennedy, Chainalysis’s vice president of communications, confirmed the layoffs in an email to The Block. The latest round of cuts comes after Chainalysis let go about 5% of its staff in February.
"This week we announced that we made the difficult decision to part ways with 15% of Chainalysis employees," Kennedy said. "While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time. We remain committed to our mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses." The firm is looking to shift its focus more to the public sector, which accounts for 70% of its revenue, according to the Forbes report, and hopes to work increasingly closely with governments.
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💰 Do Kwon dismisses Slack chat records as irrelevant evidence
Terraform Labs co-founder Do Kwon has contested the significance of exposed Slack messages presented as evidence. The chat involved discussing manipulating transactions to attract investors with co-founder Daniel Shin. The United States Securities and Exchange Commission (SEC) included the Slack conversation between the co-founders, which dates back to September 2019, in a recent court filing dated back to September 2019. The message report indicates that Kwon and Shin were actively brainstorming tactics to increase investor interest in Seoul-based payments provider Chai Corporation.
Chai was founded by Kwon and Shin in mid-2019 and shared offices and staff with Terraform until the two firms split in 2020. Kwon further elaborates that the transactions will generate fees and can be gradually phased out as Chai grows. He then attempts to make a pact with Shin to keep the plan confidential. “I wont tell if you wont,” Kwon stated. He further asserted that it will be challenging for investors to uncover the manipulation tactics. “All the power to those that can prove its fake,” he states, adding that he will be making every effort to prevent the scheme from being exposed. However, Kwon refutes the evidence against him, alleging it was taken out of context. His legal team claims that Kwon and Shin spoke about the possibility of staking LUNA tokens with validators rather than creating counterfeit Chai transactions.
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🪙 Ethereum explorer Rated raises $12.89 million to expand to other blockchains, including Polygon and Solana
Rated Labs, a crypto startup that offers infrastructure datasets for Ethereum, has raised $12.888 million in Series A funding to expand its offering to multiple other blockchain networks. Crypto venture firm Archetype led Rated's Series A round, with participation from seed investors Placeholder, 1confirmation, Cherry and Semantic, as well as new backers Robot Ventures, Chorus One, Factor and Maelstrom, among others, Rated said Wednesday. The Series A round brings Rated's total funding to over $15 million, following $2.5 million in seed funding last year.
Rated Labs currently offers an Ethereum network explorer, a data API and an oracle. The network explorer helps understand the current and historical health of Ethereum's validator set, Simos said. The data API, on the other hand, allows Ethereum developers and node operators to build reporting, monitoring and benchmarking products, and the oracle acts as a gateway to bring curated data into the Ethereum mainnet, Simos added. There are no direct competitors to Rated, according to Simos, who said beaconcha.in and Metrika, however, come closest to its current offerings. There are currently 12 full-time employees working for Rated and Simos looks to double the headcount over the next few quarters by hiring mainly in the engineering department.
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💰 Bitwise Withdrawn New Application With Bitcoin Focused Strategy
Crypto investment management company Bitwise has decided to withdraw its application to convert the new Bitcoin-linked ETF BITC from a Bitcoin futures fund to a Bitcoin and Ethereum futures fund. This move signifies Bitwise’s commitment to offering investments exclusively related to Bitcoin. Bloomberg ETF analyst James Seyffart offered his insights on the decision, suggesting that Bitwise likely sees limited advantages in having a dual BTC and ETH ETF, especially considering the potential delay in entering the market compared to competitors.
Earlier, Bitwise surprised the market by requesting the withdrawal of its application for the Bitcoin and ETH Market Cap Weight Strategy ETF, which it had filed with the US Securities and Exchange Commission (SEC) on August 3. The ETF was designed to invest in Bitcoin futures or ETH futures based on market capitalization. Bitwise is also collaborating with ProShares to launch another ETF concurrently. The next SEC deadline for these decisions is mid-October, but further delays could push the decision into next year, possibly in March, April, or May. Bitwise’s move to focus exclusively on Bitcoin highlights the ongoing regulatory uncertainty surrounding cryptocurrencies in the United States.
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🇿🇦 South African Crypto Platform Pins Hope on 'Phased Asset Recovery' Proposal
The South African cryptocurrency investment platform Revix has said it is hopeful an asset recovery proposal put forward by its custody partner Haru Invest will ultimately result in users regaining access to blocked funds. However, Sean Sanders, the CEO of Revix, noted that while this may be positive news for users, his company is still unsure of when this process is set to be completed. Revix began restricting users’ access to a portion (24%) of their funds.
At the time, the crypto investment platform argued that the abrupt suspension of withdrawals by its South Korea-based custody partner had necessitated this decision. Although some have drawn parallels between what happened to Celsius and Haru Invest, in his remarks published by Moneyweb, Sanders said it is still premature for anyone to make such conclusions. “It’s not correct to compare Haru to Celsius just yet, as information hasn’t emerged on what exactly happened at Haru. However, Haru has publicly communicated that it plans to distribute assets it holds, which infers that there is value to be returned,” Sanders reportedly said.
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💰 Bitcoin Ordinal Inscriptions Defy Downturn, Embark on Resurgence as Daily Counts Soar
Unfolding over 33 days from September 24, 2023, the realm of Ordinal inscriptions witnessed a pronounced decline, presenting a vivid contrast to September 15, when an astonishing 440,760 inscriptions were orchestrated within a mere 24-hour span. The ensuing period was characterized by a substantial descent, reaching a low on October 13, with less than 10,000 inscriptions minted. Yet, a week later, the winds of change began to stir, hinting at a potential renaissance of Ordinal inscriptions.
Following suit, on the 25th, a robust 184,480 inscriptions were minted. Since that juncture, daily inscriptions have consistently surpassed the 125,000 threshold. Mirroring the manner in which daily inscriptions accumulate transactions in Bitcoin’s mempool or transaction backlog, a similar trend is re-emerging. Presently, over 29,000 to 40,000 unconfirmed transactions are in a holding pattern, awaiting miner validation. Commencing October 25, the Bitcoin blockchain has leaped from the former 250,000-300,000 transactions per day spectrum to the current 400,000-475,000 transfers per day. To this point, solely from inscription minting, bitcoin miners have amassed 2,137 BTC, valued at approximately $72 million. On October 28, the tally of daily inscriptions ascended to 283,950.
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🇰🇷 South Korean Investors Prefer Altcoins to Majors, Tron to Ethereum: DeSpread Research
South Koreans are active crypto traders, with local exchanges outperforming their global rivals in volume, and have a strong preference toward altcoins and local tokens, according to a report from DeSpread Research. The number of crypto investors in the country hit about 6 million, or 10% of the population, this year, according to a Korea Financial Intelligence Unit (KoFIU) survey, the report said. "The majority of these investors are primarily engaged in investment activities centered around centralized exchanges.
Since March, centralized exchanges worldwide have seen declines in trading volume as bitcoin traded sideways. Local exchanges, such as Upbit – the country's largest, bucked the trend, with trading volume growth outpacing market leader Binance by July. "Korean exchanges had an explosive reaction to news related to Ripple. The trading volume of the four major Korean exchanges, which recorded $27 billion in June, increased to $37 billion in July, a 37% increase from the previous month," DeSpread wrote. "The majority of individual investors on Upbit show strong interest in altcoins with high-profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of altcoin trading in the Korean market," DeSpread wrote.
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💰 Grayscale Files for Fresh Spot Bitcoin ETF on NYSE Arca
Grayscale has submitted a fresh application to the Securities and Exchange Commission (SEC), aiming to establish one of the first spot Bitcoin exchange-traded funds (ETFs) in the United States through its Grayscale Bitcoin Trust. The filing revealed that Grayscale intends to list Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca. Issuers typically file a registration statement on Form S-1 for their initial public offering of equity securities registered under the Securities Act. GBTC, on the other hand, filed an S-3 form registration statement with the SEC.
While explaining the rationale behind the move, the asset manager said its shares have been registered under the Securities Exchange Act of 1934 since January 2020, and it meets the other requirements of the form. Grayscale also noted that, prior to GBTC’s transition into an ETF and the issuance of registered shares through Form S-3, several conditions need to be met. These include the approval of NYSE Arca’s 19b-4 application, the availability of an exemption, or another form of Regulation M relief. Additionally, the Form S-3 must be declared effective by the financial regulator. The latest development comes on the heels of Galaxy Digital Fund and Invesco making revisions to their joint application for the introduction of a spot Ether ETF.
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🏴 Aptos resolves network issues following five-hour outage
Layer 1 blockchain Aptos has come back online following what appeared to be a network crash that prompted a number of crypto exchanges to halt deposits and withdrawals of APT tokens. “Party on, Aptos. We’re back,” Aptos wrote in a social media post on X today. That came after it said earlier in the day that the team was working to resolve an issue that impacted transactions on the network. “The issue has since been resolved and the network is operating normally,” Aptos said.
Data from Aptos block explorer Aptos showed that on-chain transactions stopped for about five hours on Oct. 19. In response, a number of cryptocurrency exchanges, including Binance, OKX and Upbit, temporarily halted the deposit and withdrawal features for Aptos tokens. Block that the exchange had to temporarily suspend the deposits and withdrawals of APT but it resumed the features when the network came back online. Trading of the tokens was not affected on Binance, the spokesperson added. Meanwhile, OKX warned that while the trading of Aptos tokens on the OKX exchange was not affected, “please be aware of the risks associated with the spot, margin, and derivatives trading of these tokens.”
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🪙 Tether Freezes 32 Crypto Addresses Linked to Terrorism, Warfare in Israel and Ukraine
Stablecoin issuer Tether has frozen funds in 32 cryptocurrency addresses linked to terrorism and warfare in Israel and Ukraine, according to a Monday press release. Tether said that it has been working with Israel's National Bureau for Counter Terror Financing (NBCTF) to counter cryptocurrency-funded terrorism and warfare. By freezing a wallet, Tether restricts the "send USDT" function of that wallet, meaning that the owner cannot transfer funds until the freeze is lifted.
Tether's announcement follows reports from last week that crypto exchange Binance helped Israeli police seize Hamas-linked crypto wallets after a surprise attack by the terrorist organization quickly spiraled into war, with Palestinian enclave Gaza still under siege. "Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime,” said newly-appointed Tether CEO Paolo Ardoino. “We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”. Tether froze $46 million worth of its USDT stablecoin last November following a law enforcement request in relation to an FTX wallet during the exchange’s collapse.
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🇳🇬 Nigerian Court Convicts P2P Crypto Trader Accused of Operating a Pig Butchering Scam
Nigerian court recently convicted a peer-to-peer cryptocurrency trader accused by authorities of committing a “computer related fraud.” In his ruling, Justice Nicholas Oweibo of the Federal High Court ruled that the accused Lawrence Success Karinate has to pay a fine equivalent to $257.90 or N200,000. According to a statement issued by the anti-corruption body, the Economic and Financial Crimes Commission (EFCC), Karinate faced one charge “bordering on cybercrimes.” The EFCC, which prosecuted the case, said the crime is in contravention of Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.
Detailing how the crypto trader ran what the EFCC calls a pig butchering scam, the anti-corruption body’s said:“That you, Success Lawrence Karinate, sometime in 2023, within the jurisdiction of this Honourable Court, with intent to defraud, fraudulently held out yourself on social media platforms, as a female, bearing the name ‘Jessie Randall’, a fashion influencer, to unsuspecting members of the public, with intent to gain advantage for yourself and you thereby committed an offence, contrary to and punishable under Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.”. At the time of his arrest, the operatives recovered a mobile phone which the crypto trader used to perpetrate the scam. According to the EFCC he admitted to gaining $2,000 from the scam.
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🪙 Ether to continue underperformance against bitcoin, K33 Research says
Persistently higher premiums on bitcoin futures indicate ether will continue its year-long underperformance relative to the largest cryptocurrency, claims a new report. “The explanation can simply be that bitcoin as digital gold in a risk-off environment, sprinkled with the potential of spot bitcoin ETFs soon, is more enticing than the DeFi and NFT-associated ether," K33 Research Senior Analyst Vetle Lunde and Vice President Anders Helseth noted in its latest report.
“Sticking to bitcoin until there is clear proof of a spark in ether is likely the safest exposure for the time being,” the analysts added. Lunde and Helseth do not expect the Securities and Exchange Commission to appeal the Grayscale court decision by Friday’s deadline, in which case the court will likely instruct the regulator to re-evaluate Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) product to a spot bitcoin ETF. Appeal or not, the decision could lead to a strong market reaction in the short-term before emphasis is deferred to the next set of decision deadlines on delayed spot bitcoin ETF applications including those from BlackRock, Fidelity, VanEck and Invesco, the K33 analysts said.
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🇺🇸 US Regulators Eye Sanctions Against Former Voyager CEO In Bankruptcy Probe
Stephen Ehrlich, the co-founder of Voyager Digital, is reportedly under investigation by the US Commodity Futures Trading Commission (CFTC) for alleged violations of derivatives regulations. According to Bloomberg, the CFTC’s investigation focused on Stephen Ehrlich’s purported violations of derivatives regulations, specifically related to customer asset safety. It is alleged that Ehrlich misled customers about the security of their assets, which may have contributed to the collapse of Voyager Digital.
The investigation aims to determine whether Ehrlich’s actions violated CFTC rules and regulations governing the cryptocurrency industry. Notably, Ehrlich expressed perplexity in response to the allegations made by the CFTC. He told Bloomberg that he was taken aback by the anticipated civil claims and labeled them unfounded. Ehrlich emphasized that Voyager Digital had worked closely with regulators throughout its operations. Ehrlich asserted that the company had maintained a collaborative relationship with the relevant authorities, implying that the allegations were a surprise given their previous interactions. Nevertheless, CFTC commissioners are evaluating the staff’s recommendation and will decide whether to proceed with enforcement action.
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🔴 Magic mushrooms, hemp and kratom can now be certified with Avalanche blockchain
Thousands of certificates proving the authenticity of roughly $275 million worth of psychedelic mushrooms, hemp and kratom have been minted as NFTs, according to a statement. Using the Avalanche blockchain, goods certification startup Blockticity said it has minted NFTs designed to certify the authenticity of products tested by ACS Laboratory, the companies said in a statement. ACS Laboratory is the largest hemp and cannabis lab in the eastern U.S., it also said.
Kratom has been considered an herbal medicine that some claim to possess opioid-like properties. So far, ACS Laboratory and Blockticity have minted a total of nearly 37,000 non-fungible tokens which each act as a Certificate of Analysis, or COA, for the products, the companies announced. The plan is to mint another 120,000 COAs for mostly cannabis products, they also said. Blockticity's business strategy is predicated on the idea that fraud is rampant in the "certification industry," and the issue is exacerbated by ineffective methods of tracking goods across multiple supply chains. "Fraudsters can exploit laboratory COAs through QR code tampering, visual modifications, and data alterations," the companies said. "Blockticity's solution aims for COAs to have consistent, verifiable proof by anchoring them to Avalanche."
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💰 Anthropic’s new raise could mean full payout for FTX creditors: lawyer
Artificial intelligence firm Anthropic has reportedly raised fresh funds from Google and other investors that could potentially boost its valuation to as much as $30 billion — and that’s a “good sign” for FTX creditors given Sam Bankman-Fried’s earlier investment, a crypto bankruptcy lawyer said. Anthropic is looking to raise at least $2 billion in new funding after Amazon, just last week, poured a $1.25 billion investment into the major rival of OpenAI, The Information reported Tuesday. Anthropic said in a blog post last week that Amazon will invest up to $4 billion in the company.
Google, which had already acquired about 10% stake in the company in 2022, may invest in the new round, according to the media report, citing two sources familiar with the matter. With the new funds, the company valuation could climb to somewhere between $20 billion and $30 billion, the report said. The latest new funds and the potential increase in company valuation could “make it possible” for FTX to log a “100% recovery rate” in assets as part of the failed crypto exchange’s bankruptcy proceeding, Kunchou Tsai, managing partner of Taiwan-based Enlighten Law Group, told The Block. FTX 2.0 Coalition, a group of FTX creditors, said in a post on X (formerly Twitter) that the potential Anthropic’s increased valuation could put FTX's stake at around $3 billion to $4.5 billion and that “FTX customers now stand to be made whole.”
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🔵 Circle Claims Stablecoins are Not Securities in Binance Lawsuit
Circle argues that stablecoins like BUSD and USDC are not investment contracts and fall outside SEC jurisdiction. In a significant development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and major cryptocurrency exchange Binance, stablecoin issuer Circle has intervened, asserting that stablecoins should not be categorized as securities under existing financial regulations. Binance faced several legal accusations from regulators with the charges based on the exchange’s role in enabling transactions in multiple cryptocurrencies.
Circle’s argument centers around the premise that stablecoins like BUSD and its own USDC, designed for payments, are not investment contracts and, therefore, fall outside of SEC jurisdiction. The filing also argued that users of these stablecoins do not expect to gain any profits from individual purchases. This argument holds weight, particularly when considering the SEC’s accusation that Binance promoted BUSD by claiming it offered yield through reward programs. The SEC’s case against Binance involves them alleging that the cryptocurrency exchange had enabled transactions in cryptocurrencies such as Solana’s SOL, Cardano’s ADA, and the stablecoin BUSD. According to the agency, these cryptocurrencies are unregistered securities, leading to the charges against Binance.
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🟠 Binance halts EUR trading for Paysafe users as banking partner pulls services
Binance, the world’s largest crypto exchange, has advised its Paysafe users to convert their EUR balances into USDT before the end of October after the European banking partner withdrew its services from the platform. Support for buying, selling, trading and investing in crypto via EUR ended on Binance today after Paysafe stopped processing EUR deposits on Monday, according to an announcement.
Binance described Paysafe’s decision as “sudden and inexplicable.” However, it had previously notified users in June that Paysafe would cease supporting the exchange on Sept. 25. "Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from Sept. 25, 2023,” a Binance spokesperson said at the time. “At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.” "Binance is changing its fiat partner for EUR services,” a Binance spokesperson told The Block via email today.
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📣 Crypto influencer Ben Armstrong arrested trying to confront former business partner
Ben Armstrong, the crypto influencer who also goes by Bitboy Crypto, was arrested last night while trying to confront a former business partner. On the same evening, Armstrong had been livestreaming as he attempted to confront a former business partner. Many who watched the livestream suggested in posts shared on X, formerly known as Twitter, that he was there to try to recover his Lamborghini.
The Gwinnett County Sheriff’s Department’s online records show that Benjamin Charles Armstrong was arrested late on September 25, although there are currently no charges listed. But the situation quickly soured, as shown in excerpts of the livestream shared by viewers on X, when police arrived on the scene. When questioned, Armstrong told police he had a weapon in his car. The news comes a few weeks after Bitboy Crypto, the popular YouTube channel on which Armstrong used to star, ousted Armstrong, claiming the move was part of “a prolonged effort to help Ben during his relapse into substance abuse as well as reconcile the emotional, physical and financial damage he has done to the employees of Hit network and the Bitboy Crypto community.”
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🏦 Coinbase mulled buying FTX Europe post-bankruptcy: report
In the aftermath of FTX's bankruptcy in November of last year, rival U.S.-based exchange Coinbase considered acquiring the failed company's European unit, according to Fortune. Documents show that Coinbase mulled buying FTX Europe as it explored expanding its crypto derivatives offerings, said the report. Talks never advanced to a "late stage," the report also said. While Coinbase is "no longer pursuing the potential deal," the U.S.-based exchange continued to express interest in an acquisition sometime during this month, said Fortune.
Coinbase considered acquiring FTX Europe following the exchange’s November 2022 bankruptcy, according to Fortune, which cites documents the publication viewed. Crypto derivatives make up a significant portion of the overall trading of digital currencies. While Coinbase is "no longer pursuing the potential deal," the U.S.-based exchange continued to express interest in an acquisition sometime during this month, said Fortune. JMP analysts have said that Coinbase's expanding into derivatives adds to its upside case in the long term, given the derivatives market represents the bulk of trading activity. Previous to the company's bankruptcy, FTX Europe had been adding tens of thousands of users, according to Fortune.
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