Day: June 22, 2023

Prime Trust’s financials ‘considerably deteriorated,’ says Nevada regulator

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Prime Trust’s financial condition is “critically deficient” and the crypto custodian is unable to honor customer withdrawals according to a cease and desist from Nevada’s business regulator. In a June 21 order, the Nevada, Department of Business and Industry claimed Prime Trust’s financial condition “considerably deteriorated” and the firm is now in an “unsafe or unsound condition” to continue business: “On or about June 21, 2023, Respondent’s [Prime Trust] was unable to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the Respondent’s…

Cryptopay EU card provider loses license, company says card funds are safe

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The European Union debit card provider for Cryptopay has lost its Electronic Money Institution (EMI) license, according to a June 22 email sent to its customers. The company recommends to EU cardholders that they should immediately spend or transfer funds from their cards. Funds held in the app’s accounts are safe, Cryptopay told Cointelegraph. Cryptopay June 22 email. Source: Cryptopay Cryptopay had been using UAB PayrNet, a licensed EMI in Lithuania, to provide its EU customers with debit card services. But PayrNet’s license was revoked by Lithuania’s central bank, leading…

NFL Rivals Game Surpasses 1M Downloads

The fact that the player cards are NFTs is “behind the scenes” for most players, Linden noted, who are able to play the game without purchasing any NFTs. “Every player gets a wallet in the game, and then most of them probably don’t know it’s a wallet until they want to start interacting with the marketplace to buy, sell or trade.” Source

Bitcoin and correlations — Examining the relationship between BTC, gold and the Nasdaq

Some news sources have been fond of making comparisons between Bitcoin’s (BTC) price action and that of other assets. In particular, the two most commonly compared asset classes are gold and tech stocks. While a correlation holds, it tends to be a big news story. Throughout much of 2022 and early 2023, for example, the “Bitcoin trades in tandem with tech stocks” narrative was prevalent. Since that correlation has broken down, however, there doesn’t seem to be much related news coverage. Now a new narrative has taken the spotlight: that of…

OPNX Files Defamation Lawsuit Against Mike Dudas, Issues Justice Tokens

“Along with my colleagues at Brown Rudnick, we are proud to represent Mike Dudas in defense of this lawsuit filed by 3 Arrows Capital’s ‘ecosystem partner’ OPNX,” crypto attorney Stephen Palley told CoinDesk. “In order to prove defamation you have to show, among other things, reputational damage. We look forward to seeing how the plaintiff plans to prove that in this case.” Original Source DefamationdudasFilesIssuesJusticeLawsuitMikeOPNXTokens CryptoX Portal

Three Arrows Founders Kyle Davies and Su Zhu’s Exchange Sues Mike Dudas for Defamation

“Along with my colleagues at Brown Rudnick, we are proud to represent Mike Dudas in defense of this lawsuit filed by 3 Arrows Capital’s ‘ecosystem partner’ OPNX,” crypto attorney Stephen Palley told CoinDesk. “In order to prove defamation you have to show, among other things, reputational damage. We look forward to seeing how the plaintiff plans to prove that in this case.” Source

Robinhood buys credit card fintech X1 for $95M

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Crypto and stock trading app Robinhood has taken a new step to diversify its business portfolio by acquiring the credit card startup X1 in a $95 million deal. The fintech firm offers an income-based credit card with rewards, along with free trial and single-use credit cards.  The deal is expected to be closed by the end of September, Robinhood said in a statement on June 22, adding that the move was “an important step” to a deep relationship with its existing customers. Robinhood, which already offers debit cards to its…

Crypto enthusiasts are wrong to target Gary Gensler

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The animus of the entire crypto world is focused on Securities and Exchange Commission Chair Gary Gensler. Critics argue that he paints cryptocurrencies with too broad a brush. They argue that he gaslights well-meaning entrepreneurs by encouraging them to “come in and register,” knowing his process is set up for them to fail. They argue he knows new rules are needed but prefers to enforce impractical rules in order to stifle the industry altogether. And, of course, under his leadership, the SEC filed an enforcement action against Coinbase, arguing several…

CFTC Charges Man With Fraud in ‘Pig Butchering’ Crypto Romance Scam

The action, filed in the U.S. District Court for the Central District of California, alleges that Cunwen Zhu, a California businessman, tricked at least 29 customers out of more than $1.3 million allocated for digital asset commodity and forex trading through his company, Justby International Auctions, between April 2021 and March 2022. Instead of investing customers’ funds in crypto and forex exchanges, Zhu collected the money for his personal use, transferring the majority of the funds to bank accounts, digital wallets and digital asset trading platforms controlled by those he…