Month: January 2023

Bithumb former chair Lee Jung-Hoon acquitted in the first instance

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Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court. Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The case has been ongoing since October 2018, when the former chairman allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the cosmetic surgery company BK…

Bahamas regulator denies asking crypto exchange FTX to mint new tokens

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The Securities Commission of The Bahamas (SCB) has denied FTX debtors’ claims and expresses concern that the investigation has been ‘impeded.’ According to a statement released on Jan.3, The Securities Commission of The Bahamas (SCB) has had to correct material misstatements made by John J. Ray III, the representative of the United States-based FTX debtors, in press and court filings. The document stated that the Chapter 11 Debtors had “publicly challenged” the Commissions calculations of digital assets transferred to digital wallets under the Commission’s control in Nov. 2022. It argued…

Demand for Arbitration Filed Against Genesis Global Capital, DCG — Firm Accused of ‘Ochestrating a Sham Transaction’ – Bitcoin News

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Three Gemini Earn users have accused Genesis Global Capital of breaching a contract and have subsequently filed a demand for class arbitration with the American Arbitration Association. In addition, the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded. ‘A Sham Transaction’ A demand for class arbitration in a case that pits three Gemini Earn users against Genesis Global Capital (GGC), its parent the Digital Currency Group (DCG), and Genesis Global Trading has been filed with the American Arbitration Association (AAA). According to…

ViaBTC Capital Gathers Momentum and Delivers Win-win Results – Press release Bitcoin News

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press release PRESS RELEASE. As financial markets worldwide confront major challenges, the crypto market has remained sluggish in 2022. Meanwhile, along with the slowing global economic growth, the crypto market has also entered a prolonged bear period. Despite the continued sluggishness of crypto this year, the industry raised more funds in the first half of the year than it did in 2021. This indicates that the bear market also offers premium categories and projects, which allow us to prepare for the next crypto bull. 2022 in Review: Unlocking Potential in…

Erik Voorhees tips $40K BTC by June, but little consensus among pundits

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There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what’s in store for Bitcoin for the year ahead.  One crypto exchange founder expects Bitcoin (BTC) to spike to $40,000 by the “summer” of 2023, while a Bitcoin billionaire has renewed his bullish $250,000 BTC price prediction for the year. Erik Voorhees — $40,000 by the “summer” Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, was optimistic about a potential recovery of Bitcoin’s price…

Ethereum transactions 338% higher in 2022 but Bitcoin remains most popular

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The Ethereum network eclipsed Bitcoin in terms of total transaction volume last year, though the king of crypto has managed to retain its crown when it comes to online search interest. According to data from Nasdaq and Ycharts shared on Reddit on Jan. 2, Ethereum had 338% more total transaction volume in 2022 (408.5 million) than the Bitcoin network (93.1 million). ETH vs BTC transaction volumes – Nasdaq/Ycharts via Reddit The values shown in the chart are in millions of transactions with the average daily transactions at around 1.1 million…

Public filings reveal a $3B crypto trader who still lives with his mom

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A 25-year-old crypto investor who traded nearly $2 billion (3 billion Australian dollars) worth of crypto in 2021 ran his crypto empire from the comfort of his parent’s home in Sydney, Australia, according to public records. The young gun in question, Darren Nguyen, has not spoken about the achievement of his small trading business PO Street Capital, though an article from The Australian on Jan. 2 has instead highlighted such via public filings. Registered at his parent’s house in Guildford, Sydney, Nguyen’s crypto business took home 10.41 million AUD in…