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🔔 MARKET MOVING NEWS! (01/06/24)
1️⃣ Biden Vetoes Bill Overturning SAB 121, Says Standard 'Necessary' For Crypto Innovation ☄️
United States President Joe Biden has vetoed a bill that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. The SAB 121 seeks to establish accounting standards for firms that custody crypto. Specifically, it directs financial institutions that custody crypto for customers to keep the assets on their own balance sheets. Critics of the guidance say it makes it too difficult for financial institutions to work with crypto companies.
In a letter addressed to the U.S. House of Representatives, President Biden stated,
My Administration will not support measures that jeopardise the well-being of consumers and investors. Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation.
We are aware of the recent news regarding our executive movements. Bybit regularly updates its organisational structure to align with our strategic goals. Together with the team, we made a joint commitment to placing the right people in the right roles. We prioritised customer interests and conducted a thorough internal review to enhance the customer experience for the future. This improvement led to some leadership role changes, which we believe are essential. The affected team members are not leaving the company but moved to take up other internal roles.
🔔 MARKET MOVING NEWS! (31/05/24)
1️⃣ Terraform, Do Kwon Agree in Principle to Settle Fraud Case With SEC: Court Filing 🤝
According to a recent court filing, Terraform Labs and co-founder Do Kwon have reached a "settlement in principle" with the SEC regarding a fraud case. Notably, the settlement comes after the SEC sought a $5.3 billion penalty. The parties must file documentation in support of the settlement in front of Judge Jed S. Rakoff by June 12. However, Thursday's settlement news marks some resolution to just one of Do Kwon’s myriad legal battles. Kwon is currently out on bail in Montenegro and faces criminal charges in both the U.S. and South Korea.
Source
2️⃣ New York Sets Customer Service Standards For Virtual Currency Entities ☄️
The New York State Department of Financial Services (DFS) has reportedly issued new guidance establishing customer service standards for DFS-regulated virtual currency entities (VCEs). Specifically, the new guidance requires cryptocurrency service providers to collect relevant data to assess whether they are resolving customer service requests and complaints in a timely and fair manner. This includes requirements such as having “Human customer service representatives” being available during business hours and customers being able to connect to voicemail during off hours. It also mandates that FAQs should be accessible to viewers who do not hold an account with the company. Customers should also be informed immediately if they are interacting with artificial intelligence rather than a human.
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3️⃣ TRUMP Token Recovers From Nasty Dip After Donald Trump Guilty Verdict ▶️
TRUMP and other Donald Trump-linked memecoins experienced a fall in price yesterday after a jury found the former U.S. President guilty on 34 felony counts for falsifying business records. Specifically, the case, which will now move to sentencing, related to Trump concealing a hush money payment to adult entertainment star Stormy Daniels.
However, the price of these tokens has since recovered after Trump made a statement maintaining his innocence and called the outcome of the trial a “disgrace.” Notably, he claimed the ruling was manipulated by the Biden administration “in order to wound or hurt a political opponent.” He also stated that the real trial is going to be “on November 5 by the people.”
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4️⃣ Hong Kong Crypto Exchange Licence Applicants With Ties To Mainland China Withdraw From City 🔍
According to the website of Hong Kong’s Securities and Futures Commission (SFC), the local affiliates of major mainland China-linked crypto exchanges – including OKX, Gate.io, KuCoin, Binance and HTX (formerly Huobi) – have all withdrawn their applications for a virtual asset trading platform (VATP) licence in Hong Kong that were submitted over the past several months. The report cites “stringent regulatory requirements and an inability to serve mainland investors” as the reason for these global cryptocurrency exchanges exiting Hong Kong.
Source
5️⃣ A16z Crypto Donates Additional $25 Million To Pro-Crypto Super PAC Fairshake 💰
Web3-focused crypto venture firm a16z Crypto has reportedly donated an additional $25 million to the pro-crypto federal super political action committee (PAC) Fairshake. Notably, the new contribution brings the firm's total donation to Fairshake "and related entities" to $47 million.
Managing Partner Chris Dixon stated,
This contribution along with others from the industry will be used to further Fairshake’s mission of supporting candidates from both sides of the aisle to promote American entrepreneurs and recognize the need for clear rules of the road for digital assets. As an industry, we need to keep up the momentum and show that the U.S. can lead in creating the next wave of blockchain innovation.
In a Wednesday announcement, payments giant PayPal announced that it had deployed its PYUSD dollar-pegged stablecoin on Solana, stating that the move would bring "significant benefits for commerce use cases." PayPal noted that its PYUSD on Solana is minted using Solana's token extension feature, which means issuers can monitor & control who exactly is using the token. Another notable extension initialised for PYUSD is “confidential transfers,” which will allow merchants to “provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes.”
Source
🔥 Rally Report 🔥
NOTCOIN
The price of NOT has rallied by 33% in the past 24 hours.
WHY?!
📈 The rally is part of a larger rally following Notcoin’s recent rollout of its beta phase currently accessible to only gold and platinum tier stakers of NOT. However, today’s rally appears to be propped up by NOT achieving the psychological price level of 1 cent.
🕯 Notably, more than 50% of NOT’s trading volume over the past 24 hours comes from crypto exchange Binance. Specifically, the NOT/USDT pair saw more than $555M in trading volume and the NOT/TRY pair saw $57M in trading volume on Binance.
If you want to buy or trade NOT, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
ETH ETFs have now been approved! But, when are they going to start trading? And, when they do, what impact could they have on the price of ETH? Are they going to take us to the new All Time Highs? Or could they disappoint us to the downside?
That's all covered in the video today.
We will also be looking at what other Altcoins could potentially get their own ETFs. There are many factors that we need to be monitoring before altcoins like SOL, NEAR & ADA could get listed.
If these factors are met, how long could it take before we see these additional altcoins launching?
You don't want to miss this vid!
P.S. We have a little podcast preview hidden in the vid 🤫
🔥 Rally Report 🔥
CELESTIA
The price of TIA has rallied by 12% in the past 24 hours.
WHY?!
‼️ The rally comes after the launch of Forma - the first sovereign rollup with Celestia underneath.
🔍 Additionally, the rally seems to benefit from a recent surge in popularity of the modular blockchain narrative.
If you want to buy or trade TIA, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Can you imagine spending your life putting money to one side for your retirement, only to never retire?
Well, for a lot of retirees, this is a reality. The rising costs of living and the economical effects of inflation have left many people returning to work simply to sustain themselves.
This raises the question of how much money you would need to be able to retire comfortably. Obviously, that amount will vary from person to person, but there are a few common factors we can take into account when trying to determine that magic number.
Today, we’ll be showing you just how much retirement costs, how you can plan for your future, and just how much you’ll need to enjoy your golden era.
Enjoy!!
🔥 Rally Report 🔥
NOTCOIN
The price of NOT has rallied by 46% in the past 24 hours.
WHY?!
📈 The rally comes after Notcoin’s recent rollout of the first set of farming pools in its beta phase.
⚡️ Notably, the beta phase is currently accessible to only gold and platinum tier stakers of NOT. Stakers saw boosted earning rates over the weekend.
If you want to buy or trade NOT, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
To say that last week was wild would be an understatement. It seems that the crypto landscape has changed overnight, at least in the United States.
The spot Ethereum ETFs are being approved, pro-crypto bills are being passed, presidential candidates are running on pro-crypto platforms… the list goes on.
This begs the question of what exactly this means for the crypto market. In this week’s crypto review, we’ve got all the answers. Watch until the end!
🔥 Rally Report 🔥
FLOKI
The price of FLOKI has rallied by 17% in the past 24 hours.
WHY?!
📈 The rally appears to be led by a surge in memecoin trending activity on Binance.
‼️ FLOKI’s official X page also stated that an important announcement will be released today. Additionally, FLOKI is set to start trading on Coinbase perps on May 30th.
If you want to buy or trade FLOKI, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Why is everything so expensive? This is a question that almost everyone has been asking, yet only a few know the answer. This is not surprising considering the causes of these costs are complex.
What may come as a surprise is that these causes fundamentally boil down to two simple factors: supply and demand. By analysing these factors, we can assess why everything is so expensive.
Unfortunately, it looks like the cost of living will continue to increase based on this supply and demand analysis. Fortunately, there are things you can do to minimise the effects of either variable.
This is a video you literally cannot afford to miss…
🔥 Rally Report 🔥
CHILIZ
The price of CHZ has rallied by 11% in the past 24 hours.
WHY?!
📈 The rally seems to be led by speculative trading activity.
🤔 Notably, CHZ investors are speculating the token may benefit from a narrative emerging around the upcoming Euro 2024 soccer tournament. The tournament is scheduled to begin on June 14th this year.
If you want to buy or trade CHZ, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
UNISWAP
The price of UNI has rallied by 19% in the past 24 hours.
WHY?!
‼️ Uniswap Labs and Across Protocol have jointly proposed ERC-7683, a new standard establishing a unified framework for intents-based systems to specify cross-chain actions.
☄️ This makes cross-chain interactions more efficient and cost-effective, benefiting users by lowering fees and speeding up transactions. Uniswap Labs has already adopted ERC-7683 for cross-chain swaps on UniswapX.
If you want to buy or trade UNI, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
ONDO
The price of ONDO has rallied by 12% in the past 24 hours.
WHY?!
‼️ The rally follows the recent 19-b form approvals for spot Ethereum ETFs. While not explicitly stated, the approval of forms that describe ETH ETFs as "commodity-based trust shares” has strengthened ETH’s status as a ‘commodity.’ This has further led to a CT narrative that this is effectively a green light for the tokenisation of all assets on Ethereum – making the RWA sector (which ONDO belongs) one of the biggest beneficiaries of the spot ETH ETF approvals.
🔍 Another possible catalyst is Coinbase’s recent support for ONDO on its perpetual market. Trading commenced for ONDO-PERP on Coinbase International Exchange & Coinbase Advanced yesterday.
If you want to buy or trade ONDO, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
JASMYCOIN
The price of JASMY has rallied by 14% in the past 24 hours.
WHY?!
☄️ Yesterday, Reuters reported that Apple CEO Tim Cook has agreed at the request of Japanese Prime Minister Fumio Kishida to put Japan's "My Number" identification card functions onto iPhones.
🔍 The rally seems to come from confusion among holders who believe this means the project has partnered with Apple. Notably, this all comes from a 2023 press release by the Japanese company Cyber Trust. In the release, the company explains that it is creating an “iTrust Identity Confirmation Service” which will use Jasmy’s blockchain. However, this ‘iTrust Identity Confirmation Service’ and the ‘My Number initiative’ by the Japanese government are completely different initiatives.
If you want to buy or trade JASMY, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
ARWEAVE
The price of AR has rallied by 16% in the past 24 hours.
WHY?!
‼️ AO Computer, a new network built on Arweave, has announced that it will launch its AO token on June 13. AO tokens will be fairly launched and can be minted by bridging to AO, holding AR, or building.
⚡️ The AO network is expected to create consistent demand for Arweave by serving as both a growth catalyst for Arweave and a new platform for app development.
If you want to buy or trade AR, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
During the last bull market, SOL pulled a 50x despite having terrible tokenomics, and even worse optics. This time around, it seems that Sui has become the black sheep that could outrun its pale opponents.
That’s because Sui has come under fire multiple times for issues related to tokenomics, so much so that South Korean authorities are investigating the Sui Foundation for alleged market manipulation.
When you look beyond these hit pieces, however, you realise that Sui has some seriously cutting edge tech, and will soon be introducing bleeding edge hardware that could result in true mass adoption.
This is an altcoin review you cannot miss!
🔔 MARKET MOVING NEWS! (30/05/24)
1️⃣ Elon Musk Could Become Policy Adviser If Trump Wins Election: WSJ 🤔
According to a Wall Street Journal report, former U.S. President Donald Trump is considering appointing billionaire Elon Musk as a policy adviser if the Republican presidential candidate reclaims the White House in November. The two have reportedly discussed ways for Musk to have "formal input and influence" over economic and border security policies. Musk also reportedly discussed funding a "data-driven project to prevent voter fraud." The WSJ report noted that the two speak on the phone "several times a month."
Source
2️⃣ Gemini Earn Users Will Get Back $2.18 Billion Of Their Crypto In-Kind, Winklevoss-Owned Exchange Says 💸
In a recent statement. Gemini announced that its ‘Gemini Earn’ users will receive over $2 billion of their cryptocurrency back in-kind. Notably, this represents a 232% recovery and comes more than a year after withdrawals were halted in November 2022. Gemini Earn customers can expect to receive the rest of their “asset balance” within the next year.
Cameron Winklevoss, co-founder and president of Gemini, stated,
We are thrilled that we have been able to achieve this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout.
🔔 MARKET MOVING NEWS! (29/05/24)
1️⃣ BlackRock Bitcoin ETF Flipped GBTC in Less Than 100 Trading Days 💸
The iShares Bitcoin Trust (IBIT), BlackRock’s spot Bitcoin exchange-traded fund, is now the world’s largest Bitcoin exchange-traded fund, surpassing Grayscale's GBTC after a $102 million inflow on Tuesday. Notably, IBIT now holds nearly $20 billion worth of bitcoin as of Wednesday morning, while GBTC holds $19.7 billion after seeing $105 million in outflows on Tuesday. K33 Research senior analyst Vetle Lunde pointed out on Twitter that “IBIT needed only 96 days to close GBTC's huge lead."
Source
2️⃣ Binance Official’s Wife Demands Medical Care For Detained Husband ▶️
Yuki Gambaryan, the wife of detained Binance official Tigran Gambaryan, has claimed that her ailing husband is still being kept in Kuje prison despite a court ordering his transfer to a hospital for medical care. Notably, Gambaryan had collapsed in a Nigerian court on May 24. He is suspected to be suffering from severe throat infection and Malaria.
Mrs. Gambaryan called on the American government to help secure her husband’s release, stating,
Tigran does not deserve such inhumane treatment. He has done nothing wrong and is suffering simply because he accepted an invitation to a meeting in Abuja. This has gone too far. I am begging everyone who can help, including our own American government, to recognise that an innocent man’s life is at risk. Please, at least let him go to the hospital so he can recover. But more importantly, let him come home to us.
Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law. Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today’s sentence underscores the substantial consequences for such offenses.
Bitcoin is now a major asset class with more than $1 trillion of market value. We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.
ENSv2 will introduce a hierarchical registry system to .eth name management. Nameholders will have access to a unique name registry, where they will be able to manage subdomains and configure resolvers.
🔔 MARKET MOVING NEWS! (28/05/24)
1️⃣ Bitcoin Falls After Mt. Gox Wallets Move $9 Billion Worth of BTC 💸
BTC's price dropped to $68K after defunct Bitcoin exchange Mt. Gox moved 140,000 BTC (worth around $9 billion) to an unknown address starting early Asian morning hours on Tuesday. Rehabilitation trustee Nobuaki Kobayashi has made a press release confirming that no sale of bitcoin or bitcoin cash (BCH) had taken place and that the group was just "managing bitcoin and bitcoin cash in a secure manner."
Source
2️⃣ Solana Validators To Receive Full Priority Fees As SIMD-0096 Proposal Gains Approval ‼️
Solana validators have approved a proposal (SIMD-0096) to send all transaction priority fees generated by network users to validators, instead of splitting them between burning fees and rewarding validators. The vote passed by a margin of 77%. This proposal aims to improve incentives for validators and network security and eliminate potential side deals between block producers and transaction submitters. The implementation of the proposal on Solana's mainnet is expected to take several months.
Source
3️⃣ Caitlyn Jenner Joins Rich The Kid Alleging They Were ‘Scammed’ 🤔
Former Olympic gold medal-winning decathlete Caitlyn Jenner has joined American rapper “Rich the Kid” (Dimitri Leslie Roger) in their recent claim that they were “scammed” by memecoin collaborator Sahil Arora, following a series of bizarre celebrity token launches on May 26. Both Rich the Kid and Jenner claim that Arora dumped the tokens from the deployer wallet after getting the celebrities to promote it.
Source
4️⃣ Hong Kong Will Inspect Offices of Crypto Platforms as Important Compliance Deadline Looms 🔍
According to a recent announcement made by Hong Kong's Securities and Futures Commission (SFC), the regulator will conduct on-site inspections of all crypto platforms providing trading services known as virtual asset trading platforms (VATPs) in Hong Kong. The announcement comes ahead of the June 1 deadline. Beyond that deadline, it would be a "criminal offence” for unlicensed VATPs to operate in Hong Kong, due to a breach of anti-money laundering and counter-terrorism laws.
The announcement reads,
In the coming months, whilst the deemed-to-be-licensed VATP applicants pursue their applications, the SFC will conduct on-site inspections to ascertain their compliance with the SFC’s regulatory requirements, with a particular focus on their safeguarding of client assets and know-your-client processes.
🔔 MARKET MOVING NEWS! (27/05/24)
1️⃣ Cristiano Ronaldo Unveils 4th NFT Collection With Binance Despite $1B Lawsuit 🔍
Portuguese footballer Cristiano Ronaldo has announced the launch of his fourth NFT collection in partnership with Binance. Notably, the new collection is set to launch on 29 May on the Binance NFT Marketplace. It reportedly celebrates the footballer's history and features highlights from throughout his storied career. Interestingly, the announcement comes while the football superstar faces a $1B class action lawsuit in a United States district court in Florida over his previous participation in NFT collection sales with Binance.
Source
2️⃣ Normie Dumps 99% as Attacker Calls Meme Coin’s Tax Contract a 'Copy-Paste' Job 🔽
Base memecoin Normie (NORMIE) plunged 99% in price on Sunday after being hit by an exploit that saw attackers completely drain its liquidity pools. Notably, the hackers exploited a tax function in the token’s contract to issue more tokens than the intended 1 billion supply. The extra tokens were traded for ether. In an on-chain message sent on Monday, the attacker called Normie’s contract code a “copy-paste” job which was likely not thoroughly reviewed by its developers before being pushed live. He also sent the team another on-chain message offering Normie developers a way to receive 90% of the stolen funds back if they agreed to relaunch the project.
Source
3️⃣ TON Blockchain’s Total Value Locked Surpasses $300 Million 📈
As per data presented on DeFiLlama, the total value locked on the TON blockchain has crossed $300 million for the first time. Notably, this is an over tenfold increase since early March. The rapid growth in TVL has mainly been driven by DEXs such as Ston.fi and Dedust, as well as liquid staking projects like Tonstakers and bemo.
Source
4️⃣ Argentina Aims to Learn From El Salvador's Bitcoin Success 💸
The government of Argentina is reportedly working with El Salvador to learn from its experience of Bitcoin adoption and other cryptocurrency activities. According to an official announcement by CNV, Argentina’s National Securities Commission (CNV) held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to address crypto adoption and regulation in the two countries.
Source
5️⃣ Nomura, Laser Digital Partner With GMO To Explore Stablecoin Issuance In Japan 🔥
Japanese banking giant Nomura and its digital asset arm ‘Laser Digital’ have reportedly partnered with Japan-headquartered GMO Internet Group to explore the issuance, redemption and circulation of Japanese yen- and U.S. dollar-denominated stablecoins in the country. The partnership also plans to offer "stablecoin-as-a-service" products to assist companies in issuing stablecoins.
Steve Ashley, executive chairman of Laser Digital, stated
As the digital asset landscape evolves, the development of a stablecoin for use in the Japanese market will be key to expanding the accessibility and adoption of digital assets in Japan and beyond.
🔔 MARKET MOVING NEWS! (26/05/24)
1️⃣ Donald Trump Declares US Must Not Settle For ‘Second Place’ In Crypto Industry 💸
In a May 25 post on Truth Social, former U.S. President Donald Trump stated that the United States must not settle for anything but the “top place” in the cryptocurrency industry. Notably, the post was made prior to his address at the Libertarian National Convention in Washington, D.C.
The post reads,
I AM VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES, AND ALL THINGS RELATED TO THIS NEW AND BURGEONING INDUSTRY. OUR COUNTRY MUST BE THE LEADER IN THE FIELD. THERE IS NO SECOND PLACE. CROOKED JOE BIDEN, ON THE OTHER HAND, THE WORST PRESIDENT IN THE HISTORY OF OUR COUNTRY, WANTS IT TO DIE A SLOW AND PAINFUL DEATH. THAT WILL NEVER HAPPEN WITH ME!
I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody. To the nation’s fifty million crypto holders, I say this: I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.
🔔 MARKET MOVING NEWS! (25/05/24)
1️⃣ UK Woman Jailed for Laundering Crypto Tied to $5.6 Billion Fraud 🔒
Jian Wen, a British-Chinese woman, has reportedly been found guilty of laundering bitcoin as part of a $6 billion fraud in China. Notably, Wen allegedly laundered about 150 BTC between 2017 and 2022 for a Chinese woman who used to be her former boss. Wen reportedly laundered the proceeds by converting the Bitcoin into cash and purchasing property, jewellery and other luxury items. London’s Southwark Crown Court has sentenced her to six years and eight months in prison.
Source
2️⃣ Investigation Finds FTX Bankruptcy Lawyer Didn’t Conspire With Exchange ❓
An independent investigation conducted by former United States prosecutor Robert Cleary has reportedly found that Sullivan & Cromwell LLP, the law firm that oversaw the FTX bankruptcy, was unaware of the dire financial conditions and underlying fraud that led to the collapse of the once-thriving exchange. Cleary noted that while attorneys at Sullivan & Cromwell did make false statements while representing FTX, they did so without knowing the statements were false.
Source
3️⃣ Solana Pantera, Figure Markets Buy Last of Discounted FTX Solana 💰
The estate of bankrupt crypto exchange FTX has reportedly offloaded the last of its highly discounted SOL tokens to Pantera Capital and Figure Markets. According to Bloomberg’s sources, Figure paid about $80 million for a block of 800,000 coins, roughly equating to $102 per token. This is a steep discount to its current market price of $169. A four-year vesting schedule for the tokens will be implemented as part of FTX’s agreement with purchasers of the discounted assets.
Source
4️⃣ Ethereum Foundation Says It's Working To Address Potential Conflicts Of Interest ‼️
According to a recent statement made by Ethereum Foundation (EF) Executive Director Aya Miyaguchi, the organisation is accelerating work on a formal policy to address potential conflicts of interest. Notably, the statement comes after two of EF’s researchers disclosed receiving “significant” EigenLayer token incentives.
Miyaguchi’s statement reads,
The Ethereum Foundation’s credible neutrality is critical for us to perform our role in the ecosystem. We are aware of the current conversation about potential conflicts of interest, and share the community’s concerns. It is clear that relying on culture and individual judgment has not been sufficient, and we have been working on a formal policy to address this problem for a while now. We will be accelerating this work and will share an update soon.
🔔 MARKET MOVING NEWS! (24/05/24)
1️⃣ Ether ETFs Clear Major Hurdle, Though SEC Hasn't Cleared Them for Trading Yet ⚡️
The U.S. Securities and Exchange Commission has reportedly approved the 19b-4 forms for eight spot Ethereum ETFs. The eight ETF issuers are BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. However, they are not yet cleared to trade. The regulator must approve their S-1 filings before investors can buy them. The approval follows a stunning turnaround by the markets regulator. After clearing spot bitcoin ETFs earlier this year, the SEC didn't seem to engage much with issuers on ether ETFs.
Bloomberg ETF analyst James Seyffart stated,
A week ago, I would've said you were a little crazy to think that these ETFs were going to get SEC approval.
This kind of marketing makes no sense to me. Non-crypto people will just walk away with a negative impression (“yeah crypto sucks”), not even knowing it’s an ad *for* crypto.
Funnily enough, other climbers asked about the memecoin pepe and where the best place to buy it was on the highest place on earth. The sherpas were enthusiastic about the principle of Bitcoin and were visibly happy.