May 11, 2022

5 state regulators allege organization is tied to Russia, scamming users using metaverse casino

May 11, 2022 boss

Authorities in the U.S. states of Alabama, Kentucky, New Jersey, Texas and Wisconsin have filed enforcement actions against the Flamingo Casino Club for allegedly perpetrating a scam through nonfungible tokens (NFTs) tied to a metaverse casino. In a Wednesday announcement, the Alabama Securities Commission, Kentucky Department of Financial Institutions, New Jersey Bureau of Securities, Texas State Securities Board and Wisconsin Department of Financial Institutions alleged the Flamingo Casino Club has been “fraudulently soliciting NFTs” it claims are tied to ownership rights of a casino in the metaverse, thereby giving token…

Bitcoin Miner Iris Energy Reiterates Hashrate View While Revenue Misses Estimates

May 11, 2022

Australian bitcoin miner Iris Energy (IREN) remains on track for 15 exahash per second (EH/s) hashrate – 10 EH/s of that by early 2023 – but its fiscal third quarter revenue of $15.2 million was shy of the FactSet consensus forecast of $16 million. Source

‘Failure Should Be an Option,’ US Sen. Pat Toomey Says of UST Turmoil

May 11, 2022

“It does make sense that this episode with Terra would refocus attention on stablecoins generally,” Toomey told reporters on a conference call, but he defended tokens backed by assets such as cash and securities and said he doesn’t see them as a risk to the financial system, as suggested by U.S. regulators. Source

Market Wrap: Cryptos Extend Losses as LUNA Plunges

May 11, 2022

Bitcoin (BTC) and other cryptos declined on Wednesday amid stress in stablecoins. LUNA plunged by 96% and Solana’s SOL token saw a 30% dip. Option traders are seeking downside protection. Source

Bitcoin fights to hold $29K as fear of regulation and Terra’s UST implosion hit crypto hard

May 11, 2022 boss

Bitcoin (BTC) price initially bounced from its recent low at $29,000 but the overall market sentiment after a 25% price drop in five days is still largely negative. Currently, the crypto “Fear and Greed Index,” which uses volatility, volume, social metrics, Bitcoin dominance and Google trends data, has plunged to its lowest level since March 2020 and at the moment, there appears to be little protecting the market against further downside. Crypto “Fear and Greed index”. Source: Alternative.me Regulation continues to weigh down the markets Regulation is still the main…

'$DAI Will Die' Tweet Twisted Back on Terra's Kwon as UST Loses $1 Peg

May 11, 2022

DAI briefly surpassed UST as the biggest DeFi stablecoin on Wednesday. Source

Do Kwon Is the Elizabeth Holmes of Crypto

May 11, 2022

That raises a final possible parallel to Holmes: Some have made the argument that she was to a degree herself a victim of the Silicon Valley funding machine. Some venture capitalists, the logic goes, saw the marketing potential of her story and image, but avoided scrutinizing her abilities and ideas. As dramatized in the Hulu series “The Dropout,” this made Holmes little more than a tool for generating alpha, to be cast aside if and when anything went wrong. Do Kwon, certainly, will come out of this more grievously damaged…

Grayscale Had ‘Productive’ Meeting With SEC on Bitcoin ETF Conversion

May 11, 2022 boss

Additionally, asset manager Bitwise has a spot bitcoin ETF application pending review with the SEC, with a final deadline of June 29. While declining to address the fund’s specific chances of being approved, Matt Hougan, Bitwise’s chief investment officer, in April told CoinDesk “we’re making progress.” Original

Crypto Fund Arca Doubled Down on UST Amid Stablecoin’s Collapse

May 11, 2022

“After this analysis, we felt, and continue to feel, that UST will ultimately maintain its peg and a number of attractive opportunities had become available,” Arca CEO Rayne Steinberg wrote to investors on Tuesday. “For example, we were able to purchase UST at a significant discount to par in the DYF (Digital Yield Fund) and then deposit with FTX who were paying 100% APY (annual percentage yield) given the buyer/seller imbalance during peak fear.” Source

Debate over how cryptocurrency could be used in future l GMA

May 11, 2022

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