Day: September 22, 2023

Judge denies motion to dismiss in Compound DAO case update

A federal judge in California denied the motion to dismiss the case against Compound Labs and its associated entities, after allegations of violating financial regulations. This means owners of the COMP token can move ahead with their lawsuit. Partner identification The lawsuit claims those who control the decentralized organization known as Compound are unregistered securities “sellers” due to their soliciting role, with individual defendants including DAO co-founders Robert Leshner and Geoffrey Hayes and the entities Bain Capital Ventures, Polychain Academy, Paradigm Operations, AH Capital Management and Gauntlet Networks. According to Bloomberg…

Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC

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In a notable discovery, Arkham Intel, a leading blockchain intelligence platform, has identified $25 billion worth of Bitcoin (BTC) reserves held by Coinbase, the prominent US-based cryptocurrency exchange.  This revelation puts Coinbase at the forefront of the Bitcoin landscape, positioning it as the largest Bitcoin entity in the world alongside the enigmatic Satoshi Nakamoto. The uncovered reserves amount to nearly 5% of the total Bitcoin supply. Coinbase Emerges As Top Bitcoin Holder Arkham Intel’s comprehensive analysis has successfully tagged over 36 million Bitcoin deposits and holding addresses associated with Coinbase.…

How are crypto firms responding to US regulators’ enforcement actions?

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United States regulators including the Securities and Exchange Commission (SEC) have ongoing civil cases against major cryptocurrency firms including Binance, Coinbase, and Ripple, but not every company has been subject to the same treatment. Gary Gensler, serving as SEC chair since 2021, has been widely criticized by many lawmakers and industry leaders for a “regulation by enforcement” approach to crypto companies and offerings. Some of the cases have ended up in federal courtrooms to determine what may qualify as a security in the United States, and not all judges’ decisions…

Polkadot To Increase Parachains By 10X, Will This Support Free-Falling DOT?

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Polkadot, a platform aiming to drive blockchain interoperability, wants to increase the number of parachains from 100 to 1,000 in a planned upgrade. The network, which remains one of the most valuable by market cap, has, like most layer 1 networks, suffered from dropping user activity over the past months.  DOT Is Down Over 90% The dip follows the crypto winter in 2022. However, the upcoming upgrade might catalyze demand, even supporting DOT, the native currency. DOT is changing hands at $4 at spot rates, down by over 90% when…

Bidding war for SVB Capital, new crypto funds and Citi’s private blockchain

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The venture capital industry appears to be gearing up for portfolio rebalancing in 2024, with investors positioning themselves to increase exposure to digital assets in the next bull market. Blockchain Capital, for instance, closed two new funds this week, with $580 million in capital to be deployed in crypto gaming and decentralized finance projects.  Likewise, SkyBridge Capital, Atlas Merchant Capital and Vector Capital are among the final bidders to acquire SVB Capital, the venture arm of the collapsed Silicon Valley Bank. SVB Capital is reportedly a backer of other major…

Coinbase sought FTX Europe acquisition after bankruptcy: Report

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Crypto exchange Coinbase attempted to acquire FTX Europe twice since it filed for bankruptcy in November 2022, hoping to broaden its derivatives business overseas. The company, however, has decided not to go forward with the deal, Cointelegraph has learned.  According to a report from Fortune, Coinbase explored acquiring FTX’s European arm on two occasions, in November 2022 — following its parent company’s dramatic debacle — and in September 2023. A spokesperson for Coinbase confirmed the report: “We’re always evaluating opportunities to strategically expand our business and meet with many teams…

Coinbase (COIN) Has Recently Held Talks to Buy FTX Europe: Fortune

Derivatives, which are financial contracts that derive their value from an underlying asset such as bitcoin (BTC), can be lucrative for both traders and the exchanges that serve them. FTX Europe, like other European exchanges, offered a range of derivatives products, but it also was the only firm with a license to offer perpetual futures, a highly popular derivatives offering, in that region. It’s those licenses that have attracted attention from several potential buyers, according to Fortune. Crypto exchange Crypto.com and Trek Labs have also expressed interest in FTX Europe,…

Apecoin DAO to invest $12.5M in YugaLabs, community decides

Apecoin DAO commits $12.5 million to the Digital Art Movement, and announces the launch of a novel governance token, $DAM. The APE Foundation has greenlighted a pivotal investment in the Digital Art Movement (DAM), earmarking a hefty 11 million ApeCoins—a valuation of $12.5 million—for the venture. Orchestrated by community leader Machi Big Brother Jeffrey Huang, the proposition gained massive approval (64.92% votes) from ApeCoin’s governance community. The transaction involves DAM’s significant outlay of 70% of the newly acquired ApeCoins to secure non-fungible tokens (NFTs) from renowned creators YugaLabs. The remaining…

Architect fintech receives NFA approval to operate as introducing broker

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Architect Financial Technologies, the startup founded by former FTX US president Brett Harrison, will provide derivatives brokerage services following its Architect Financial Derivatives subsidiary receiving approval from the National Futures Association (NFA) to operate as an independent introducing broker. The company is eyeing both the cryptocurrency derivatives market and the traditional market, Harrison said. An introducing broker is an NFA member that “solicits or accepts orders to buy or sell futures contracts, commodity options, retail off-exchange forex contracts, or swaps” but does not receive money from customers for doing it.…

81 Binance Wallets Withdraw $31 Million In LINK, What This Mean

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Recently, Binance, one of the world’s leading crypto exchanges, witnessed an unusual pattern of withdrawals. Particularly, 4.7 million LINK tokens, equivalent to roughly $31.58 million, were suddenly withdrawn over a brief period by 81 newly minted wallets.  The event is noteworthy due to the large number of tokens moved and the swift, simultaneous action across newly created accounts. This pattern of withdrawals raises questions about the strategies and intentions behind these movements and what they could spell for the token, LINK. A Timeline Of The Puzzling LINK Withdrawals On September…