Day: October 16, 2023

Bitcoin Takes The Lead As Crypto Funds See Third Straight Week Of Inflows

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Despite an array of uncertainties that have dotted the crypto horizon, recent data from Coinshares reveals a continuous faith in the sector, especially the foremost crypto giant, Bitcoin. Digital asset investment products have seen a steady and positive trend, recording net inflows for three weeks. Amid these inflows, Bitcoin emerges as the most dominant, presenting a robust case for its standing in the market. Bitcoin Steers The Inflow Wave According to the latest report by CoinShares, Bitcoin-centric products experienced inflows amounting to $16 million just in the past week. This…

Tether Freezes 32 Crypto Addresses Linked To Terrorism In Israel And Ukraine

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Tether, the world’s largest stablecoin company, has reaffirmed its commitment to combating cryptocurrency-funded terrorism and warfare by collaborating with law enforcement agencies worldwide.  The company has frozen 32 addresses containing $873,118.34, allegedly linked to illicit activities in Israel and Ukraine.  Tether Collaborates With Global Law Enforcement According to a blog post on October 16, Tether has played a significant role in assisting 31 law enforcement agencies across 19 jurisdictions, freezing $835 million in assets primarily associated with thefts from blockchain and exchange hacks.  The company’s collaborations span various countries, including…

Binance halts onboarding of new UK users

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Crypto exchange Binance will stop accepting users in the United Kingdom as of 5 p.m. local time on Oct. 16. According to Binance’s announcement, the move came after the country’s Financial Conduct Authority (FCA) imposed legally binding requirements on its partner Rebuildingsociety.com Ltd (REBS) on Oct. 10. Among other items, the ruling prohibited REBS from ad promotions soliciting Binance goods and services. The exchange wrote: “Binance is currently looking for a new FCA authorised approver. However, there will be some temporary restrictions coming into effect on our Platform (i.e. www.binance.com/en-GB and…

OSL Exchange’s Owner BC Technology Considering Sale for HK$1 Billion

Depending on current BC Technology discussions with potential buyers, the company might conclude a sale of all or parts of its OSL exchange. BC Technology Group, the parent company and owner of Hong Kong crypto exchange OSL is looking to sell the exchange. According to a Bloomberg article referencing people familiar with the matter, BC hopes to complete the OSL sale at a HK$1 billion ($128 million) price tag. Pleading anonymity, the people familiar with the matter said BC has started conversing with a few prospective buyers. However, they warned that there…

Grayscale (GBTC), Analysts Mull Bitcoin (BTC) ETF After SEC Decision

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“There will be so much political and legal pressure on the SEC that SEC Chair Gary Gensler has to approve a spot Bitcoin ETF,” said TD Cowen analyst Jaret Seiberg in a note to clients. Interestingly, Seiberg suggests Gensler and team can make a positive of the reversal. “Cementing its power over Bitcoin ETFs will strengthen the SEC’s push for broader crypto authority once Congress is ready to enact crypto market structure legislation,” he added. Original

Genesis Ordered to Comply With Subpoenas Linked to Do Kwon’s Terra Stablecoin TerraUSD

Rakoff is also grappling with how to extract information from Kwon in connection with the case. Kwon’s lawyers have argued he can’t come to the U.S. as he is serving a jail sentence in Montenegro for possession of a fake passport, but “the laws of physics do not make it impossible for him” to be deposed, Rakoff said in a September order, warning that Kwon wouldn’t be allowed to make any declaration in the case without having been available for cross-questioning. Original Source complyGenesisKwonsLinkedOrderedStablecoinSubpoenasTerraTerraUSD CryptoX Portal

Shiba Inu Starts Off Strong With An Explosive 233% In SHIB Burn Rate

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The Shiba Inu ecosystem has started out the new week on a particularly positive note. The burn rate, which is a community initiative to reduce the massive supply of the token, has seen a significant jump as the price of the meme coin has recovered. SHIB Burn Rises 233% A Monday report by Shiba Inu burn tracking website Shibburn showed that the SHIB burn rate has seen an impressive 233% climb. This puts a turn on the particularly slow weekend which saw burn rates decline rapidly. As the new trading…

Nishad Singh testifies on Sam Bankman-Fried’s ‘excessive’ investments through Alameda

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Former FTX engineering director Nishad Singh reportedly told a New York courtroom that former CEO Sam “SBF” Bankman-Fried had a habit of deciding on purchases through Alameda Research by himself. According to reports from SBF’s criminal trial on Oct. 16, Singh said while Caroline Ellison and Sam Trabucco led Alameda, Bankman-Fried was “ultimately” in charge of the company. The former engineering director reportedly testified that “SBF would unilaterally spend Alameda’s money” despite his supposedly separate role at FTX, also threatening to fire Ellison. “I learned of spending [at Alameda] after…