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According to a Friday filing in the U.S. District Court for the Southern District of New York, FTX bankruptcy victims are seeking a ruling that the failed crypto exchange's forfeited assets worth approx. $8 billion, belongs to its customers, not the bankruptcy estate.
The victims' attorneys, Adam Moskowitz and David Boies, argued the bankruptcy process has left "FTX customers feeling 'aggrieved and robbed,' many of whom view the bankruptcy process as a 'second act of theft' and that the 'FTX bankruptcy estate remains to be the same fraudulent corporate entity' as was the enterprise run by SBF."
Source
🔔 MARKET MOVING NEWS! (17/06/24)
1️⃣ US Spot Bitcoin ETFs Saw $581 Million In Weekly Outflows Amid 'More Hawkish-Than-Expected' FOMC Meeting: CoinShares 🔍
According to CoinShares’ latest report, digital asset investment products registered $600 million in net outflows last week. Notably, this is the largest since March 22. CoinShares Head of Research James Butterfill stated that the outflows were “entirely focussed on bitcoin,” with $621 million outflows. A large chunk of these Bitcoin-related outflows, specifically $581 million in net outflows, were from U.S. spot Bitcoin exchange-traded funds. Butterfill argued this was likely due to “a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets.”
Source
2️⃣ Malaysia Cracks Down On Crypto Tax Evaders With Ops Token ▶️
According to local media reports, Malaysia’s federal tax authority - the Inland Revenue Board (IRB) conducted a special operation called “Ops Token” to reduce tax evasion by crypto traders. Personnel belonging to the Royal Malaysia Police and CyberSecurity Malaysia (CSM) reportedly raided 10 different locations within Klang Valley.
IRB alleged that bad actors had created several limited liability partnerships and corporate entities to evade paying taxes on crypto trading. It stated,
Through the operation, cryptocurrency trading data stored in mobile devices and computers were found, and we successfully identified the value of digital assets being traded, which caused a very significant leakage of tax revenue.
🚨 New Video Alert!! 🚨
Who controls Ethereum? This is an important question if you’re an ETH holder, and even if you’re not. Ethereum is crypto’s largest ecosystem. This makes its governors extremely powerful.
Not surprisingly, Ethereum is governed by multiple individuals and institutions. What is surprising is how related many of these entities seem to be – they all seem to have one connection in common.
When you combine this with the fact that this entity is now under investigation by the SEC, it begs the question of what will happen to ETH. Today’s video has all the answers.
Enjoy!
P.S. We hope you will like our new deals skit!
🔔 MARKET MOVING NEWS! (15/06/24)
1️⃣ Binance Says Nigeria Drops Some Charges Against Jailed Executive ‼️
According to a Bloomberg report, Nigeria's Federal Inland Revenue Service has dropped the tax charges imposed against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. The charges have been amended so that only Binance, through its local representative, is the sole defendant. However, the executives remain named in a money-laundering case brought by the Economic and Financial Crimes Commission.
Source
2️⃣ Crypto Exchange Gemini To Pay $50 Million In Settlement With NY Attorney General's Office 💰
Crypto exchange Gemini has reportedly agreed to pay $50 million in crypto assets to Gemini Earn investors as part of a settlement announced by the New York Attorney General (NYAG) on Friday. The settlement comes after NYAG Letitia James said Gemini "misled thousands of investors," including New Yorkers, on risks tied to the Gemini Earn program. As part of the settlement, Gemini is also banned from conducting any crypto lending program in the state.
James stated,
Gemini marketed its Earn program as a way for investors to grow their money but actually lied and locked investors out of their accounts. Today’s settlement will make defrauded investors whole and should remind cryptocurrency companies that deceiving investors is illegal and will not be tolerated by my office.
We are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next week and get it off their plate before the holiday weekend. Anything is possible but this is our best guess as of now.
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🔥 Rally Report 🔥
NOTCOIN
The price of NOT has rallied by 10% in the past 24 hours.
WHY?!
🎙 Coinbase announced that it was adding support for Notcoin perpetual futures on Coinbase International Exchange and Coinbase Advanced.
☄️ The opening of NOT-PERP markets will begin on or after 9:30 AM UTC on 20th June 2024.
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!! 🚨
How much can you trust economists? Can we believe everything they say is true, or do we need to maintain a degree of scepticism?
It’s a question that spawns a lot of other questions, and the answers to those questions can have some profound implications.
This is something that George DiMartino (a professor at the University of Denver) spoke about in a paper released way back in November 2020. Naturally, this piqued our interest and we knew we had to cover it for our wonderful Coin Bureau viewers.
Today, we’ll break down this report in an easy-to-digest way, explain why not everything is always as it seems, and tell you what it could mean for you and the markets.
Enjoy!
🔔 MARKET MOVING NEWS! (13/06/24)
1️⃣ Fed Sees Just One Rate Cut This Year; Bitcoin Gives Up Session Gains 🕯
Yesterday, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve held its benchmark fed funds rate range at 5.25%-5.50%. Notably, policymakers’ move to leave interest rates unchanged for an 11th consecutive month comes in the backdrop of a 25 basis point rate cut by the European Central Bank (ECB) and the Bank of Canada.
However, the Fed also updated its economic outlook, stating that its median expectation for the fed funds rate at year-end 2024 is now 5.1%. This is markedly higher than its median expectation of 4.6% three months ago. This means the central bank is now anticipating just one 25 basis point rate cut this year versus 75 previously. This hawkish turn in the Fed economic projections saw Bitcoin’s price, which had rallied earlier that day, return back to $67,300.
Source
2️⃣ Andrew Tate Token Surpasses MOTHER Amid Claims Of Insider Activity ▶️
Daddy Tate (DADDY) — the Solana-based memecoin promoted by controversial social media figure Andrew Tate has hit the $300 million market capitalisation mark and surpassed the token launched by rapper Iggy Azalea. Interestingly, the pump comes as crypto analytics firm Bubblemaps posted a tweet earlier that day reporting that it “found huge insider activity” for DADDY. It stated that insiders bought at least 30% of the supply at launch before Andrew Tate started to promote it on X. All of the wallets that bought this supply were funded through Binance with “nearly identical amounts at the same time.” While Bubblemaps added that it couldn’t confirm whether they belong to the same group, it stated that “the timing and amounts strongly suggest they do.”
Source
3️⃣ GameStop Stock Price Plunges as Short Seller Taps Out 🔽
Shares of game retailer GameStop (GME) fell sharply in afternoon trading on Wednesday after renowned short-seller Citron Research - which lost billions on its short position on GME during its headline-grabbing rally three years ago - announced that it was giving up, declaring, “We respect the market’s irrationality.” Notably, the exit comes just a week after Citron founder Andrew Left confirmed his firm's renewed short positions. He had told Reuters that it was not as large as it was in 2021 but that “it's fun to go back into the fire.”
Source
4️⃣ Terraform Labs To Dissolve, CEO Asks Community To Take Over Following $4.47 Billion SEC Settlement 🤔
Terraform Labs, the developer of Terra blockchain, plans to dissolve its operations and sell its projects in the ecosystem following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). CEO Chris Amani is urging the community to take over the Terra network. The projects expected to be sold include Pulsar Finance, Station Wallet and Enterprise DAO. A community proposal is being planned to burn all unvested Luna, Terraform's native token, and continue the Terra and Terra Classic blockchains under community ownership.
Source
5️⃣ UwU Lend Drained For $3.7 Million In Second Exploit This Week ❌
According to blockchain security firms Beosin and Blocksec, decentralised lending protocol UwU Lend was hacked for $3.7 million today. Notably, this attack comes just days after a previous hack that resulted in a loss of $20 million. Both attacks were carried out using flash loans, and some suspect they were done by the same entity. UwU Lend had previously acknowledged and fixed the security vulnerability that led to the first hack, but it appears that another vulnerability was exploited in this latest attack. The stolen funds have been converted to ether and are currently sitting in the attacker's wallet address.
Source
6️⃣ Eigen Labs Acquires Rio Network, Opens LRT Code ⚡️
https://youtu.be/0QJ2eKBaqHU?si=QIFqKvhYyVhf-xAu
Читать полностью…
Notably, the post comes shortly after Trump hosted Bitcoin miners at his Florida Mar-a-Lago residence, including Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and TeraWulf board member Amanda Fabiano. The group reportedly discussed how Bitcoin mining can help strengthen the electrical grid and foster job creation.
Source
🔥 Rally Report 🔥
OASIS
The price of ROSE has rallied by 10% in the past 24 hours.
WHY?!
📈 The rally seems to come from large market activity on the crypto exchange Coinbase. Specifically, it appears that someone on the exchange is market buying a lot of ROSE. This entity has reportedly taken over 10M ROSE off the exchange so far today.
🔍 There also appears to be some speculation that this is related to institutional accumulation, specifically relating to the 'Privacy ETF' filed by Grayscale a few months ago.
If you want to buy or trade ROSE, 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!! 🚨
Have you tried to find a job recently? If you have, you’ll know that it’s much easier said than done.
Despite millions of open positions being out there, more and more people are struggling to find a job. This is strange, because there’s actually more job vacancies than there are unemployed people… at least on paper, anyway.
You see, despite the unemployment rate being at a multi-year low, and government officials assuring everybody that the post-pandemic economy remains vigilant, the opposite appears to be true. Things suck right now, and getting a job these days requires a lot of patience and perseverance.
Today, we’ll be taking a look at why it's been so hard to find a job lately, how it could impact the economy if things don’t improve, and tell you how you can put yourself in the best position for employment.
Enjoy!
🔥 Rally Report 🔥
GNOSIS
The price of GNO has rallied by 8% in the past 24 hours.
WHY?!
📈 The rally follows the introduction of two new governance proposals for the GnosisDAO.
⚡️ The first, GIP-100, suggested allocating approximately 5% of the Gnosis DAO assets, primarily SAFE, ETH, and stablecoins, to fund a $30 million buyback program. This proposal which is aimed at bringing the price of GNO above the book value, passed today.
🔍 The second, GIP-102, suggests that GnosisDAO contribute an investment of $20M to the new GnosisVC fund. The GnosisVC fund will deploy funds into early-stage projects in line with the existing Gnosis 3.0 thesis with a focus on RWAs, DePIN, and financial payment rails as target verticals. This proposal is not yet up for voting on snapshot.
If you want to buy or trade GNO, we have a 20% trading fee discount + $600 bonus for you on Binance 👇
🔗 https://www.coinbureau.com/deals/trading/binance/
🚨 New Video Alert!! 🚨
This week’s crypto review is a crazy one. After a second best inflow day, the spot Bitcoin ETFs could be signalling a local top for BTC. Of course, you wouldn’t be able to tell given all the GameStop hype.
You’d also be forgiven for thinking the economy is weakening. Didn’t you hear its strong? That could mean no rate cuts, at least until Trump gets into office thanks to all the pro-crypto donations.
Across the pond, the EU is starting to restrict stablecoins for crypto traders, and it looks like a strengthening dollar could spell trouble for the developing world. Perhaps this is by design…
All this and more in today’s video!
🔔 MARKET MOVING NEWS! (18/06/24)
1️⃣ Trump Token Dumps 31% Despite Doubts He’s Behind The DJT Token 🔽
The price of Donald Trump-related memecoins fell more than 30% amid rumours that the former President’s team was launching an “official” token with the ticker DJT on the Solana blockchain. Notably, after the rumours surfaced, a crypto token with the same ticker minted two months ago on the Solana blockchain, saw a flood of trading activity and a massive price spike.
The unsubstantiated rumour was started by The Pirate Wires account on Twitter. The Pirate Wires’ Editor-in-Chief Mike Solana clarified that he “didn't speak with Trump directly” and that he was “just reporting what I know via sources.” The publication's tweet also claims Trump's 18-year-old son Barron would be "spearheading" the token project.
Source
2️⃣ Tether Debuts New 'Synthetic' Dollar Backed by Tokenised Gold in Tokenisation Push ▶️
Stablecoin issuer Tether is introducing a gold-backed stablecoin pegged to the U.S. dollar. The new coin is called Alloy (aUSDT) and is mintable a new token minting platform by the same name on the Ethereum network that lets users create tokens over-collateralized by Tether's tokenized gold (XAUT). Tether stated that the aUSDT token is targeted at users who want to use crypto for payments and remittances without selling their gold-backed tokens.
Tether CEO Paolo Ardoino stated,
Alloy by Tether is an open platform that allows to create collateralized synthetic digital assets and will soon be part of the new Tether digital assets tokenization platform, launching later this year
Pre-launch markets allow users to trade perpetual futures contracts on tokens that have not launched yet. When the underlying token is launched on applicable spot exchanges, the instrument converts to a standard perpetual contract […] Pre-launch markets have a different index price mechanism than standard perpetual futures and use a 4-hour exponential moving average (EMA) of the instrument’s mark prices for the Pre-Launch Index Price.
🚨 New Video Alert!! 🚨
Another week, another weekly crypto review! As you might have gathered, quite a bit has happened over the last week. Lots of spot Bitcoin ETF outflows, and imminent spot Ethereum ETFs to start.
Then lots of political talk from Trump and Biden about making America ground zero for crypto, and lots of Fed speak from chairman Jerome Powell that seems to have spooked the markets.
Last but not least, there seem to be some interesting OpenAI developments in the works that could be bullish for AI cryptos in more ways than one. All that and more in today’s weekly crypto review!
🔔 MARKET MOVING NEWS! (16/06/24)
1️⃣ T-Mobile Owner Deutsche Telekom Will Soon Mine Bitcoin In Addition To Running Nodes ⚡️
At the BTC Prague conference, T-Mobile owner Deutsche Telekom announced plans to mine Bitcoin in addition to running nodes for various networks. The announcement was made by Dirk Röder - the head of Web3 infrastructure at Deutsche Telekom subsidiary T-Systems MMS.
Röder stated,
Since 2023 we [have been] running a Bitcoin node and we are running Bitcoin Lightning nodes as well. And with a heart full of [...] pride, I would like to let you in on a little secret: we will engage in 'digital monetary photosynthesis' soon.
🔥 Rally Report 🔥
LIDO DAO
The price of LDO has rallied by 5% in the past 24 hours.
WHY?!
⚡️ Investors are bullish about Lido’s future after it recently announced the formation of the Lido Alliance - a group of partners and protocols committed to protecting stETH's role in Ethereum DeFi.
🤝 Lido also announced that it was joining forces with Symbiotic, a startup backed by Lido's co-founders and largest investor, to push stETH at the forefront of LRT adoption. Notably, Symbiotic is a competitor to Eigenlayer within the LRT ecosystem.
If you want to buy or trade LDO, 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
🔔 MARKET MOVING NEWS! (14/06/24)
1️⃣ Ether ETFs Should Be Fully Approved by September, Says SEC Chair Gensler 🔍
In a budget hearing on Thursday, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler told senators that the final approvals for exchange-traded funds (ETFs) trading Ethereum's ether (ETH) are expected to be completed this summer. He said that the initial approval of a group of ETFs has already been granted, and the final registration requirements (S-1 filings) are currently being processed at the staff level. Once the filings are approved, new ETFs can be listed, allowing for easy-to-trade funds that hold actual ether, similar to bitcoin spot ETFs. While Gensler did not provide a direct answer on whether ETH is considered a commodity, the Commodity Futures Trading Commission chief Rostin Behnam confirmed that it is indeed a commodity.
Source
2️⃣ Paradigm Raises $850 Million to Invest in Early-Stage Crypto Projects 💰
Leading web3 venture capital firm Paradigm has reportedly raised $850 million for its third fund focused on investing in crypto. In a post announcing the fund, Paradigm co-founder Matt Huang expressed that his team’s conviction on crypto has only grown stronger, stating that "crypto is now a main character on the world's political stage."
He stated,
When we founded Paradigm in 2018, we believed that crypto would be one of the most important technical and economic shifts of the coming decades. Six years later, that belief has only gotten stronger.
Eigen Labs, the company behind the EigenLayer protocol, has announced the acquisition of the restaking platform Rio Network. The acquisition, which was carried out through two separate transactions, will also see Rio’s intellectual property code made open-source. Specifically, the Eigen Foundation plans to open-source Rio network’s liquid restaking token (LRT) technology as a reference implementation in the EigenLayer ecosystem. The companies did not disclose the value of the deal.
Source
🔥 Rally Report 🔥
TONCOIN
The price of TON has rallied by 6% in the past 24 hours.
WHY?!
📈 The rally follows the launch of the fourth season of The Open League. Notably, ‘The Open League’ is an official incentive program launched by the TON Foundation that rewards active users in the ecosystem.
⚡️ The season will last for two weeks, ending on June 26th at 11:00 UTC.
If you want to buy or trade TON, 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!! 🚨
One of the biggest factors that drives a cryptocurrency's performance is whether it exists in a strong narrative. This is because narrative is what helps a project's pitch to broader retail.
Narratives that are easy to understand and which they can relate to are the ones that have the best chance of succeeding in the next altcoin season.
In this video, we look at our updated view on the top narratives for Q3. We explain their opportunities and challenges as well as mention a few projects or tokens to watch.
Don't miss it!
🔔 MARKET MOVING NEWS! (12/06/24)
1️⃣ Bitcoin ETF Net Outflows Hit $200 Million Ahead of FOMC Meeting ❓
Yesterday, U.S. spot Bitcoin ETFs saw net outflows of $200 million. Notably, this marks the highest net outflows in a single trading day since May 1, when net outflows reached $564 million. The outflows come ahead of the crucial Federal Open Markets Committee (FOMC) meeting. According to the CME FedWatch Tool, market participants are not expecting any change in interest rates, with 99.4% of investors predicting the interest rate to remain at the current level of 525-550 bps. Another factor that is likely spooking investors is the U.S. Consumer Price Index (CPI) report which will be revealed later today. A higher-than-expected CPI print will likely delay interest rate cuts.
Source
2️⃣ MetaMask Adds 'Pooled Staking' for Cheaper Ethereum Validation ☄️
MetaMask, the most popular wallet for Ethereum, has rolled out a "pooled staking" feature, allowing users to pool their funds and stake their assets in enterprise-grade validators operated by blockchain software company Consensys. Notably, this feature would make it cheaper to contribute to the blockchain network's security compared to running a full validator node.
Explaining how MetaMask’s pooled staking service contributes to the decentralisation and security of Ethereum, the senior product manager at Consensys Matthieu Saint Olive, stated,
Having more users staking and more ETH staked is beneficial for Ethereum security [...] Also, the underlying validator infrastructure is distributed across multiple cloud providers, multiple regions across the globe, multiple consensus clients and multiple execution clients.
You can imagine that the news that Tether is making good money went around the world. We get tens or hundreds of deals per month that are on the table, and we only end up doing a very small percentage of that […] Our investment policy is investing only in projects we find extremely interesting. We are not a classic VC. We do invest in things that we care about, and we have our own strategy.
🔔 MARKET MOVING NEWS! (11/06/24)
1️⃣ ZKsync To Airdrop 3.6 Billion ZK Tokens Next Week 💰
The ZKsync Association will reportedly conduct a one-time token airdrop of 3.675 billion ZK tokens to early users and adopters of the Ethereum Layer 2 network ZKsync next week. Notably, the airdrop represents 17.5% of the token's total supply of 21 billion tokens. The tokens will be claimable starting next week until January 3, 2025, and will be distributed to 695,232 eligible wallets.
The airdrop is designed to reward "real people first" and prioritise community members over investors and the Matter Labs team. The ZKsync Association stated,
Awarding more tokens in the airdrop than to the Matter Labs team and investors is more than a symbolic decision for the community. When the ZKsync governance system launches in the coming weeks, the community will have the largest supply of liquid tokens to direct protocol governance upgrades.
🔔 MARKET MOVING NEWS! (10/06/24)
1️⃣ Io.net CEO Ahmad Shadid Steps Down From CEO Role Days Before Token Launch ❓
Solana-based DePIN Io.Net, which lets users rent out GPU power for money, has reportedly replaced its CEO just two days before its native token launches on Binance Launchpad. Notably, CEO Ahmad Shadid announced his departure and named fellow co-founder and former COO Tory Green as his replacement.
Shadid's announcement post reads as follows,
While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net move forward without distraction and to focus on its growth and success. I am deeply grateful for the support and dedication of our team, partners, and community for helping us build http://io.net into what it is today. Also to show that gratitude I will be donating 1M $IO of my personal $IO coins to http://io.net’s Internet of GPUs Foundation to help grow the ecosystem.
Tomorrow I’m finally relaunching the telecommunication company I co-founded and you will be able to purchase phones, or month to month cell plans using $MOTHER or Sol. Ad campaign n rollout to follow late this week.