Day: June 15, 2023

Bitcoin BTC Price Regains Ground to Reach $25.4K, but Investors Remain Jittery About Economy, Monetary Policy

boss

Ether, the second largest crypto in market value, was similarly sluggish to recently change hands at about $1,655, also about flat from Wednesday, same time. Similar to BTC, ETH hit a three-month low on Wednesday. Meanwhile, Tether’s USDT stablecoin deviated from its $1 dollar peg early Thursday (ET) amid a sell-off on the popular Uniswap and Curve pools. USDT dropped as low as $0.9968, according to CoinMarketCap data. The token was recently trading at $0.999. Original

3AC liquidators file motion to hold Kyle Davies in contempt

boss

Three Arrows Capital (3AC) co-founder Kyle Davies should be held in contempt of court for ignoring a subpoena connected to bankruptcy proceedings, June 14 court filings from 3AC’s liquidators show. According to the creditor’s legal team, Davies is purposely delaying asset recovery from the former crypto hedge fund. The civil sanctions against Davies for his contempt include an award of attorneys’ fees and a $10,000 daily fine until he is in compliance. The motion does not apply to Su Zhu, the fellow co-founder of the bankrupt hedge fund. Due to…

Crypto Lobbyists ask SEC for Info on Prometheum, Mysterious ‘Regulated’ Crypto Firm

Above all, many have questioned whether Prometheum has been accurate in presenting itself as a fully regulated crypto exchange, a claim that supports the SEC’s ongoing enforcement agenda. Despite this self-characterization, Prometheum is not currently operational, and there are major unanswered questions about its path forward. Source CryptoFirmInfoLobbyistsMysteriousPrometheumRegulatedSEC CryptoX Portal

Judge will consider whether to try Sam Bankman-Fried separately for superseding charges: Report

boss

A United States federal judge is reportedly weighing a proposal to split former FTX CEO Sam Bankman-Fried’s (SBF) criminal charges into two trials following a filing from prosecutors.  According to a June 15 report from The Wall Street Journal, Judge Lewis Kaplan of the District Court for the Southern District of New York was considering whether to dismiss or separate charges in Bankman-Fried’s criminal case after an “imaginative” argument from the former FTX CEO’s legal team. Bankman-Fried’s lawyers filed a motion that argued he should not face charges that had…

Every Centralized Exchange (CEX) Needs a Decentralized Exchange (DEX)

Finally, and perhaps most promisingly, a DEX backend enables a CEX to compose with other builders, integrating features and network effects into new “super-app” products. Altogether, blockchain infrastructure is fast approaching a point where building decentralized applications is no longer a matter of principle, it’s a matter of competitive advantage and ultimately, survival. Source

Mick Mulvaney-Linked Astra Protocol (ASTRA) Faces Investor Backlash Over ‘Severely Deficient Communication’

The investors highlighted movements of the ASTRA tokens they characterized as suspicious. “Our most pressing concern, however, pertains to token movements. The address associated with the creation of the Astra token repeatedly transfers substantial sums to CEXs, suspiciously timed just prior to new announcements and invariably followed by a significant drop in token price. The explanations thus far provided for these events are nebulous and unsatisfactory,” wrote the consortium in the letter addressed to Astra Protocol co-founders Damien O’Brien, Jez Noah Ali, Arthur Ali and the broader Astra team. Source

U.S. Crypto Policy Needs to Accomplish These 3 Things

The digital asset sector can be volatile, and the safety and soundness of digital asset players rests on their ability to manage a range of risks. Some of these risks are common across businesses, such as the exposure to asset price shocks, redemption surges and counter-party failure. Others are unique to the digital asset space, such as operational and technological risk relating to the operation of the underlying blockchain and smart contracts. Source