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▪️ICO/IEO reviews
▪️Upcoming DeFi projects
▪️Investment opportunity’s
🌎 Promotion | Advertising
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🆘Binance, KuCoin, Other Exchanges, Served Notice by Indian Government Removed From Apple’s App Store
Apple has removed Binance, KuCoin and other offshore cryptocurrency exchanges from its India app store days after nine entities were sent compliance show cause notices by the nation's government.
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🥇 Japan's E-Commerce Giant Mercari to Accept BTC Payments
Starting in June, users of Mercari, one of Japan’s biggest e-commerce platforms, will be able to pay for products using bitcoin. Users of the platform will also be able to use proceeds from sales to buy and sell bitcoin.
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💰 BlackRock Allocates $2 Billion for Launch of Spot Bitcoin ETF! -Link
@CryptoWorldNews
📈🚀 SEC Issues FOMO Alert: Caution Urged as Spot Bitcoin ETF Decision Nears! ⚠️💡
In a strategic move, the U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy issues a crucial FOMO alert on social media platform X, addressing the Fear of Missing Out (FOMO) risks. This advisory, the fifth in a recent series, provides invaluable guidance for investors in today's dynamic financial landscape. 🌐🔍
'NO GO to FOMO': SEC's Stance on Smart Investing
The SEC's Office of Investor Education and Advocacy delivers a clear directive: 'NO GO to FOMO.' Investors are strongly encouraged to exercise caution, emphasizing that the popularity of an investment among peers doesn't automatically make it the right fit for everyone. 💡🚫
Customize Your Investments: SEC Advocates Informed Decision-Making
The SEC urges investors to take a personalized approach, aligning their investment choices with individual goals and circumstances. The advisory underscores the vast array of digital assets, spanning cryptocurrencies, ICO tokens, meme stocks influenced by online trends, and non-fungible tokens (NFTs). 🔄💸
Spot Bitcoin ETF Decision Imminent: SEC's Timely Caution
As the SEC stands on the verge of a consequential decision regarding spot Bitcoin exchange-traded funds (ETFs), this cautionary note gains heightened significance. An eagerly anticipated announcement early next week could potentially open the gates for trading approved spot Bitcoin ETFs starting from January 11. 📅🌟
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🏦 ‘Epic Airdrop’ Coming to HTX, Poloniex Users Affected by Recent Hacks, Promises Justin Sun
HTX was compromised twice in the span of a couple of months, but the attacker return the funds from the first hack. Justin Sun, the founder of TRON and lead exec at Poloniex and HTX (formerly known as Huobi), promised an upcoming airdrop with assets to victims of the recent hacks against the two exchanges. Recall the first hack against HTX, which took place at the end of September when a bad actor siphoned $8 million worth of crypto. However, Sun said days later that the perpetrator had returned the funds and that the event was now considered a white-hat incident.
Poloniex, another crypto exchange led by TRON’s founder, suffered a similar faith in mid-November. The consequences were more severe, though, as the total amount of stolen funds equaled $125 million, despite the initial reports that claimed the losses stood at $63 million. To top it all off, another exploit followed earlier this week, which involved HTX and the HECO chain bridge, with the amount stolen suggested to be almost $90 million. While the investigations continue, Justin Sun took it to X to provide some promising news for the users of both platforms, reassuring them that their losses will be fully covered once again. Additionally, Sun informed that HTX Global had resumed deposits and withdrawals with TRX and USDT based on Tron.
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🇦🇺 Austria’s Raiffeisen Bank to Roll Out Crypto Trading for Retail Customers in January
Austria’s Raiffeisen Bank will roll out cryptocurrency trading services to retail customers by the end of January 2024. The service will initially be offered to customers in Vienna, where the 97-year-old bank is headquartered, and be provided in association with cryptocurrency exchange Bitpanda, which signed a letter of intent with the bank earlier this year. “We are starting in Vienna where about a quarter of Austria's population lives,” Curt Chadha, the bank’s head of innovation, said in an interview.
“The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same sort of security customers are used to.” The move by the bank, which has some $215 billion in assets and 17.8 million customers across the European Union and eastern Europe, is another sign of crypto adoption ramping up, particularly in jurisdictions where clarity around rules is emerging. Chadha said the service is aimed at customers who are digital savvy, but perhaps only want to make a small investment, as opposed to offerings from other banks, which are aimed at wealthy individuals with millions to invest.
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🇺🇸 US Justice Department seeks $4 billion from Binance to end criminal case: Bloomberg
The U.S. Department of Justice is seeking more than $4 billion from Binance as part of a deal that would end an ongoing criminal investigation and allow the crypto exchange to continue operating, Bloomberg News reported, citing people familiar. The negotiations have included the possibility that CEO Changpeng 'CZ' Zhao would face criminal charges to resolve the probe into alleged money laundering, fraud and sanctions violations.
Binance and the Department of Justice did not immediately respond to requests for comment from The Block. Binance's BNB token surged on the news, rising 7.1% at 1:08 p.m. ET, according to CoinGecko. The Justice Department earlier this year began investigating Binance over whether it allowed Russian users to evade sanctions following the Russian-Ukrianian war. On June 5, the Securities and Exchange Commission filed a lawsuit against the exchange and affiliated companies, stating that the firms allegedly lied to customers and misappropriated funds. Binance has a beleaguered history with U.S. regulation and enforcement, with the scrutiny increasing this year.
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🪙 Fidelity Wants to Create an Ether ETF, Joining BlackRock in Doubling Down on Crypto
Fidelity is seeking to create an exchange-traded fund that owns Ethereum's ether (ETH), according to a Friday filing, joining rival BlackRock in strengthening its crypto embrace. The Fidelity Ethereum Fund would be listed by an exchange owned by Cboe Global Markets, which posted the fling that revealed the existence of the proposed product. But first, the U.S. Securities and Exchange Commission must decide whether to approve the ether ETF.
Fidelity and BlackRock also want to create ETFs that give investors easier access to an even bigger cryptocurrency: bitcoin (BTC). The SEC has yet to weigh in on those either. ETFs that hold BTC or ETH, the biggest cryptocurrencies, could – according to optimists – dramatically shake up the crypto market. They are generally easier to buy than crypto; a normal, conventional brokerage account gives an investor access to all manner of ETFs, which trade just like stocks and track assets ranging from the whole stock market to gold, corn and sugar. That could, in theory, bring in a flood of new investment money into digital assets – particularly with the marketing heft of famous firms like Fidelity and BlackRock.
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✖️ dYdX is working with Circle to give Noble users better access to USDC
Circle and the teams behind Noble and dYdX have partnered to augment USDC transfers from other networks to dYdX Chain. This is due to a partnership between the stablecoin issuer Circle, the team behind the protocol dYdX Chain and Noble, a Cosmos application-specific blockchain. The function will be available through Circle's Cross Chain Transfer Protocol, which is to go live shortly on Noble's mainnet. It's now going to be easier to move USDC to the dYdX Chain.
The move enables Noble users "to send their USDC, the collateral contemplated by dYdX Chain, from other chains directly to dYdX Chain in an easy, simple and secure manner," dYdX wrote in a Tuesday post. "USDC on Noble and the imminent launch of CCTP is poised to unlock huge UX benefits for dYdX's v4 software (dYdX Chain)." "A major tenet of DeFi is increased accessibility for all users," dYdX's marketing lead Nathan Cha told The Block. "We at dYdX Trading are thrilled to see our open source software expanding its capabilities by partnering with trusted partners like Circle and Noble to allow easy access to USDC.”
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@DeFi_ICO_Invest
📊 Bitcoin, Ethereum, and Crypto Google Searches Surge, Peaking in October Before Tapering Off
Recently, the allure of the three terms has grown, yet post-October has seen a decline. Global data from Google Trends over the last 90 days reveals that the interest for “crypto” hit 77 out of a potential 100 on October 24. Advancing to October 30, the interest in “crypto” climaxed, scoring a perfect 100. As of November 11, the search interest for the term is maintaining a steady pace at 58. Searches for “crypto” gleaned from Google Trends predominantly originate from St. Helena and Nigeria, with the Netherlands not far behind. Trinidad and Tobago are also among the frontrunners.
Throughout the 90 days, the search term “bitcoin” has consistently maintained a level above 34, reaching a high of 71 on August 18 and settling at 48 by October 2. The interest soared to 51 on October 20 and spiked to 100 by October 24. Yet, the fervor has since cooled, with the figures from November 11 reflecting a Google Trends score of 52, indicating a tapering of interest. Nigeria leads the global regions in “bitcoin” searches, with El Salvador trailing closely. Brazil, Switzerland and the Netherlands round out the list, following the lead of the top two contenders. Related subjects and questions linked to “bitcoin” feature prominent terms such as “Elon Musk,” “Exchange-Traded Fund,” and “how to buy bitcoin.” Over the past 90 days, “ethereum” has consistently stayed above 31 in search interest.
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@DeFi_ICO_Invest
🆘 Poloniex Hot Wallets Hacked With $114M Seemingly Stolen: On-Chain Data
Cryptocurrency exchange Poloniex has had its hot wallets drained by hackers with an estimated loss of around $114 million, several sets of on-chain data show. A suspected hack was flagged at around 10:55 UTC by blockchain security firms PeckShield and Cyvers. Poloniex announced 12 minutes later that the exchange's wallet had been disabled for maintenance. The hack was later confirmed by Poloniex investor Justin Sun in a tweet.
Various wallets across multiple blockchains appear to have been targeted. Arkham data shows that an Ethereum wallet, now tagged as "Poloniex hacker," sent a total of $114 million worth of tokens from Poloniex in 357 transactions. A wallet on the Tron blockchain also sent around $42 million to various wallets. Crypto exchanges are common targets for hackers. Two months ago HTX was hacked with a total of $8 million worth of ether (ETH) being drained; South Korean exchange Gdac lost $13 million in April and Deribit lost $28 million in a hot-wallet hack last November. On-chain data also show the Poloniex hacker bought $20 million worth of tron (TRX), pushing the token's price up by more than 25%.
Source
@DeFi_ICO_Invest
📈 Unlock a world of crypto insights at Charts | Signals & Trading with over 133,000 members. Discover technical analysis, swing, and scalp trades to elevate your trading journey. Don't miss out, join the channel now and become a part of this thriving community
/channel/+RS-e_5lUrDk3MThk
📈 Unlock a world of crypto insights at Charts | Signals & Trading with over 133,000 members. Discover technical analysis, swing, and scalp trades to elevate your trading journey. Don't miss out, join the channel now and become a part of this thriving community
/channel/+RS-e_5lUrDk3MThk
🇺🇸 Gary Gensler: 'While we approved the listing and trading of certain spot BitcoinETF shares today, we did not approve or endorse Bitcoin.'
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💰 SEC’s Twitter/X was hacked to post fake spot Bitcoin ETF approval: Gensler
Some believe the redacted tweet was legitimate, but posted early.
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💰 Standard Chartered Envisions a $50-100 Billion Boom with Spot Bitcoin ETFs in 2024! 💡💰
Get ready for a financial revolution as Standard Chartered Bank boldly predicts that the impending approval of spot bitcoin exchange-traded funds by the Securities and Exchange Commission could usher in an unprecedented surge of $50-100 billion in 2024!
📈 Transformative Access: Spot Bitcoin ETFs Poised to Redefine Investor Engagement! 🔗🌐
Standard Chartered Bank draws parallels between the transformative impact of gold ETFs and the potential of spot bitcoin ETFs to reshape investor access. Similar to the seismic shift caused by SPDR Gold Shares (GLD) in 2004, the crypto market could be on the brink of a paradigm shift.
🏆 GLD vs. BTC: Market Dynamics in Focus! 🌟
Reflecting on historical breakthroughs, the bank highlights GLD's historic rise to become the world's largest physically backed gold ETF in 2004. Standard Chartered's analysts, led by Geoffrey Kendrick, extrapolate GLD's $88 billion inflows to Bitcoin ETFs, suggesting a potential inflow of $34 billion.
📊 Standard Chartered's Projections: Balancing Optimism and Realism! 🎯🚀
Geoffrey Kendrick and his team present a spectrum of possibilities. On the cautious side, a low-end estimate of $34 billion, while on the optimistic side, a potential high of $130 billion. Hovering in the sweet spot, a range of $50-100 billion inflows in 2024 emerges as both realistic and enticing.
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@DeFi_ICO_Invest
💰 Bitcoin ETFs on the Horizon: Industry Titans Slash Fees in a Race to Approval! 💰🌐
In a game-changing move, industry behemoths like BlackRock, Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie have submitted amended S-1 forms, signaling the final step before potential approval for spot Bitcoin ETFs. The race for the coveted approval is reaching a crescendo! 🏁🌟
Amended S-1 Forms Filed: Bitcoin ETF Approval Inches Closer
Cryptocurrency enthusiasts are on the edge of their seats as key players file amended S-1 forms, marking the decisive phase before a potential green light for spot Bitcoin ETFs. BlackRock, Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie are all contenders in this thrilling pursuit. 📑🚀
Fee Wars in Full Swing: BlackRock Sets Sponsor Fee at 0.3%
In a strategic maneuver, BlackRock discloses its sponsor fee at 0.3%, with a surprising reduction to 0.2% for the first year or until the ETF hits $5 billion in assets. This fee cut sends shockwaves through the industry, prompting Bloomberg ETF analyst Eric Balchunas to remark, "Life just got a LOT tougher for everyone else. The ETF Terrordome is no joke." 😱💼
VanEck's Strategic Play: Joint Lowest Permanent Fee at 0.25%
VanEck positions itself as a formidable player by opting for a joint lowest permanent fee among issuers at 0.25%. In the heated fee battleground, VanEck takes a calculated strategic stance. 🏆💸
WisdomTree's Brave Move: Sponsor Fee Set at 0.5%
WisdomTree takes a bold step by setting its sponsor fee at 0.5%, showcasing confidence in the value it brings to the table. Amid swiftly changing fee dynamics, WisdomTree aims to carve its identity in the crypto financial landscape. 💡💪
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💰 Gurbacs Unleashes Innovation: Bitcoin ETFs Poised to Reshape Investor Landscape! 🌐💎
VanEck adviser Gabor Gurbacs reveals a visionary breakthrough, advocating for Bitcoin Exchange-Traded Funds (ETFs) as a transformative solution to overcome unit bias hurdles and attract a new wave of investors. 🔄🚀
Unit Bias Challenge: Opening Doors to Fractional Bitcoin Investment
The psychological barrier of unit bias has deterred potential investors from embracing fractional Bitcoin ownership. Gurbacs proposes that Bitcoin ETFs offer a strategic solution, revolutionizing crypto investments by providing an accessible pathway for fractional ownership. 🛤💰
Social Media Spotlight: Gurbacs Ignites Conversations on X
Using the influence of social media, particularly X (formerly Twitter), Gabor Gurbacs sheds light on the widespread lack of awareness surrounding fractional Bitcoin ownership. He emphasizes the emotional satisfaction of holding complete assets, stating, "Owning a full share feels better than owning 0.001 Bitcoin. Seems like a small thing but it’s a big thing." 🚀📲
Market Wisdom through Biases: Gurbacs Deciphers Investor Sentiment
Acknowledging the ongoing debate on unit bias, Gurbacs underscores the vital role biases play in understanding market dynamics. "Simplistic but unit bias psychology matters a lot. I think about this a lot," he notes, delving into the nuanced factors influencing investment decisions. 🧠📊
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📣 Cathie Wood Ark Invest Sells More Than 700,000 GBTC Shares
Renowned investor Cathie Wood, known for her optimistic Bitcoin forecasts, has been quietly reducing her firm ARK Investment Management’s exposure to Bitcoin. According to Bloomberg, despite publicly expressing bullish sentiments and recent headlines about predicting a BTC surge over $1,480,000, Ark Next Generation Internet ETF has reportedly sold over 700,000 shares of the Grayscale Bitcoin Trust since October 23. ETF trading data reveals a consistent decrease in Cathie Wood Ark Invest’s BTC exposure, with 36,168 shares offloaded just last Wednesday.
The cryptocurrency has more than doubled in value this year, even in the face of regulatory actions against industry figures like Changpeng Zhao of Binance Holdings Ltd. and Sam Bankman-Fried of FTX. Surprisingly, Wood recommended the Grayscale Bitcoin Trust as her top pick at the Sohn Australia conference, held at the Sydney Opera House, just last week. However, ETF provider data compiled by Bloomberg indicates that Cathie Wood Ark Invest was the fourth-largest holder of the trust with 5.6 million units as of September 30, raising questions about the apparent divergence between public statements and investment actions. This pattern of behavior echoes Wood’s past actions in 2021, when she advocated for buying Tesla shares.
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🟠 Trading Crypto on Binance Becomes Challenging as Order Book Liquidity Tanks 25%
The loss of Binance's CEO and the leading digital assets exchange's $4 billion settlement of U.S. criminal charges on Tuesday failed to destabilize the wider crypto market in a big way. It has, however, impacted Binance's order book liquidity, complicating trading conditions for large traders. Liquidity for top cryptocurrencies on the exchange, measured by 0.1% and 1% market depth indicators, has declined by 25% or more to less than $150 million.
Market depth is a collection of buy and sell orders within a certain percent of the mid-price, or the average of the bid and the ask prices. In other words, moving the market by 0.1% and 1% in either direction is now 25% easier than it was 24 hours ago. It also means trading large orders on Binance at stable prices has become tougher, exposing so-called whales to slippage, that is movement between the price quoted when a trader places the order and what they actually pay when the order is filled. On Tuesday, Binance founder Changpeng "CZ" Zhao stepped down as CEO and pleaded guilty as part of the U.S. settlement.
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💰 Solana DEX Trading Surges 34% To Over $3 Billion, Setting New Records
Solana DEX trading surged 34% to over $3B in the past week, reaching a record high. Top DEXs Orca and Raydium saw over 40% growth. Solana ranks third in weekly transaction volume behind Ethereum and Arbitrum. The growth has propelled Solana to become the third-largest chain in terms of weekly transaction volume, trailing only Ethereum and Arbitrum. With top DEXs Orca and Raydium both growing by more than 40%.
Solana is currently the third-largest chain in terms of weekly transaction volume behind Ethereum ($9.87 billion) and Arbitrum ($4.33 billion). This surge in trading activity marks a departure from the previous year’s trend, during which Solana’s DeFi sector experienced a decline in TVL due to the decreasing price of SOL and the overall market downturn. Concerns about the project’s association with the financially troubled FTX exchange further contributed to the downward trajectory. However, the recent surge in Solana DEX trading volume indicates a renewed confidence in the ecosystem. Despite this positive momentum, Solana faced a security vulnerability in the Solana Saga phone, an Android-based smartphone that integrates the Solana Mobile Stack (SMS).
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💰 FTX creditor claims increase to as high as 65 cents on the dollar
Some larger FTX creditors are being offered as much as $0.60 to $0.65 on the dollar, marking an increase of as much as 30% when compared to about a month ago. In late October, some over-the-counter (OTC) trades of FTX creditor claims closed at over $0.50 on the dollar. FTX debt claim specialist Thomas Braziel said he thinks the outlook could continue to improve. "The claims should approach the horizon of the recovery which is probably somewhere in the 80% to 90% plus range," he said.
But while Baziel, who is a partner at 117 Partners, confirmed some claims are currently being offered for as much as $0.60 to $0.65 on the dollar, securing the high end of that range will be difficult for some. "Multiple big distressed firms are heading into the 60s now," he said while highlighting the fact that only clean, multi-million dollar claims are likely to get close to $0.65. Enthusiasm around the value of FTX claims grew after Anthropic, an AI company FTX purchased a large stake in, announced multiple large investments. Creditors hope that selling FTX's Anthropic stake will help return funds to creditors. In January, in an X poll, a majority of respondents said they expected to recover a mere 25% of the money they lost with FTX.
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@DeFi_ICO_Invest
🇩🇪 German Bank Commerzbank AG Received Bitcoin Custody License To Promote Crypto
German bank Commerzbank AG has secured a milestone as the first “full-service” German bank to be granted a crypto custody license under the legal framework of the German Banking Act (KWG). This license positions Commerzbank to provide custody services for crypto assets and expands its capabilities to offer “further digital asset services.” The Frankfurt-headquartered global bank, which facilitates nearly 30% of Germany’s foreign trade and serves 11 million customers worldwide, expressed its commitment to the nascent digital asset sector.
German bank Commerzbank AG aims to create a secure and compliant digital asset custody platform for institutional clients as its initial step into the regulated crypto space. The licensing process was challenging, as obtaining approval from Germany’s financial markets regulator BaFin has proven difficult for companies venturing into crypto-related services. This strategic move by Commerzbank reflects a broader trend in Europe, with financial institutions cautiously entering the crypto market amid the recovery of Bitcoin prices. In this landscape, Commerzbank joins the ranks of other European banks, such as Societe Generale SA and DZ Bank AG, navigating the delicate balance between innovation and regulatory scrutiny in the evolving crypto space.
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@DeFi_ICO_Invest
💰 FTX Sues Bybit to Claw Back $953M in 'Misappropriated Funds'
The estate of bankrupt crypto firm FTX has sued exchange platform Bybit to try and recover a total of $953 million transferred to the latter's investment arm, court filings from Friday show. Friday's legal complaint filed in Delaware targets Bybit Fintech Ltd., its investment arm Mirana and several individuals, including Mirana executive Sean Tan. It alleges the investment unit "received gross transfers from FTX.com of digital assets currently valued at approximately $838 million,".
The suit also alleges an additional $115 million in digital and fiat assets were transferred to entities and individuals affiliated with Bybit and Mirana. The FTX estate claims Bybit was given VIP status on the exchange, and that, in the days leading up to the bankruptcy filing, Mirana and affiliates "raced to withdraw assets" from their FTX accounts. "Mirana leveraged its VIP connections to pressure FTX Group employees to fulfill its withdrawal requests as soon as assets became available, further reducing the funds available to meet withdrawal requests by FTX.com’s non-VIP customers," the complaint said, adding that FTX employees also repeatedly changed Mirana’s Know-Your-Customer (KYC) settings in the days prior to the withdrawals pause.
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@DeFi_ICO_Invest
📊 Liquidity Trends Suggest 'Uptober' Could Be the Start of a New Crypto Bull Run
BTC was up over 35% since October, and assets such as LINK and SOL are up two or three times that much. Less explored, though, are the liquidity trends underpinning this price action. Observing these can help us gauge where we are in the cycle and thus navigate what the future market might hold. As we highlighted for CoinDesk earlier in the year, price changes with low trading volumes are less reliable indicators than those with higher volumes.
Trade volume recovery in BTC and ETH, the most watched liquidity metric, is eye-catching. Two of the top-15 trading volume days since the market top two years ago were recorded during this recent rally. And most of the other high-volume days happened as dramatic company failures were taking place in 2022, or as several mid-sized U.S. banks got into difficulty in March 2023. BTC Spot volumes, which until September were breaking three-year lows, have steeply recovered and are now approaching six-month highs. Conversely, higher trading volumes signify broader market participation, indicating a stronger consensus and offering a more dependable basis for price movements, thereby bolstering the credibility of the signal.
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@DeFi_ICO_Invest
🇺🇸 OneCoin legal chief pleads guilty to money laundering and wire fraud: DOJ
OneCoin's head of legal and compliance pleaded guilty to wire fraud and money laundering charges on Thursday after prosecutors said she participated in a scheme that caused investors to lose billions. Irina Dilkinska, 42 of Bulgaria, could face up to 10 years in prison for her participation in what prosecutors are calling a crypto pyramid scheme, according to a statement from the U.S. Attorney's Office for the Southern District of New York.
OneCoin's so-called 'Head of Legal and Compliance' Irina Dilkinska accomplished the exact opposite goal of her position," said U.S. Attorney Damian Williams. "As she has now admitted, Dilkinska facilitated the laundering of millions of dollars of illicit profits OneCoin accrued through its multi-level-marketing scheme. The dedicated prosecutors of this Office and our law enforcement partners will continue to pursue this important case until every defendant is brought to justice. OneCoin founder Karl Sebastian Greenwood, 46, was sentenced to 20 years in prison after prosecutors accused him of cheating 3.5 million investors and using the money for five-star resorts, a private plane and a yacht.
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@DeFi_ICO_Invest
🇺🇸 US banking regulator sees less interest in crypto, more curiosity about tokenization
US regulator Michael Hsu, the acting Comptroller of the Currency, said Tuesday that he's seen a drop off in interest in cryptocurrency while intrigue in tokenization grows. After talking to financial institutions, technology firms and other regulators globally over the past few years, self-described crypto critic Hsu said he sees more of a divide between crypto and the tokenization of real world assets. The crypto world is mostly retail focused, Hsu said, and "remains replete with fraud, scams and hacks."
"It tends to be driven by the hope for speculative gain," Hsu said on Tuesday at DC Fintech Week. "That seems to be the main fuel, and interest in crypto is that maybe I can make some money by investing in X, Y or Z." The crypto industry has been dealt a few blows over the past years, including the collapses of algorithmic stablecoin Terra, crypto exchange FTX and other crypto firms. The sector also faces ongoing regulatory scrutiny as agencies voice concerns about the potential for fraud. "When I talk to folks, there is increasing interest in tokenization because it solves a problem, and less and less interest in crypto," Hsu said. His statements on Tuesday were largely in line with comments he made in June.
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@DeFi_ICO_Invest
💰 Proof Group one of potential bidders to relaunch FTX: reports
Investment firm Proof Group is one of three bidders looking to revive bankrupt crypto exchange FTX, according to multiple reports citing people familiar with the matter. The investment firm is familiar with the crypto sector and was part of the Fahrenheit Group, a consortium of firms including hedge fund Arrington Capital, that made the winning bid to acquire bankrupt crypto lender Celsius' assets in May.
CoinDesk first reported the news on Proof Group's involvement on Monday. Proof Group has also approached other investors to see if they wanted to join the bid, a person familiar with the situation told Bloomberg News. Noah Jessop, managing partner of the Proof Group, was previously an advisor for blockchain mining firm Core Scientific and worked at the Libra Association, the group behind Meta's attempt at a stablecoin project, according to his LinkedIn profile. Jessop did not immediately respond to a request for comment. Lawyers involved with FTX's bankruptcy planning are considering multiple proposals to figure out what's next for the exchange.
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@DeFi_ICO_Invest