Day: December 14, 2023

CoinList agrees to $1.2M settlement over apparent US sanctions violations

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CoinList, a United States-based cryptocurrency exchange, has agreed to a $1.2-million settlement with the Treasury’s Office of Foreign Assets Control (OFAC) following allegations the firm facilitated transactions in apparent sanctions violations. In a Dec. 13 notice, OFAC said CoinList had processed 989 transactions for users in Crimea — the peninsula formerly a part of Ukraine currently being occupied by Russia — from April 2020 to May 2022. According to OFAC, the apparent sanctions violations were “nonegregious” but “not voluntarily self-disclosed.” “[CoinList’s] screening procedures failed to capture users who represented themselves…

Valkyrie files new S-1, adopts cash-only approach for spot Bitcoin ETF

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In an update on X, Bloomberg Intelligence analyst James Seyffart shares that Valkyrie Funds has filed a new S-1 at 6:01 a.m. today. This move follows the lead of Bitwise and Invesco, emphasizing cash-only creations and redemptions.  Looking ahead Like Invesco, the filing expresses a desire to transition to in-kind transactions when regulations permit. In response to a post from North Rock Digital, which raised concerns about the cash-only approach for ETF creations and redemptions, Seyffart clarified that the SEC’s stance could impact the tax efficiency of spot ETFs.  Acknowledging…

Ledger Exploit Drained $484K, Upended DeFi; Former Staffer Linked to Malicious Code

Although Ledger has updated its own code, Ido Ben-Natan, the CEO of blockchain security firm Blockaid told CoinDesk in a Telegram message that “many websites are still affected and users are getting hit.” For the risk to be completely mitigated, every protocol using Ledger’s Connect Kit has to manually update their version of the library. In the meantime, several protocols remain at risk, specifically revoke.cash, which is a service that is used to remove permissions from DeFi protocols. Source

Capital Inflows Mirror Pre-2021 Bull Run Momentum

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On-chain data shows the cryptocurrency capital inflows currently look similar to December 2020, right before Bitcoin rallied from $18,000 to $65,000. Bitcoin & Ethereum Are Getting $19.7 Billion In Capital Injections Currently As explained by analyst Ali in a new post on X, Bitcoin and Ethereum are receiving a large amount of capital inflows currently. To showcase these positive flows, the analyst has referred to the “BTC + ETH Net Position Change” indicator from the on-chain analytics firm Glassnode. What this metric does is that it keeps track of the…

Arthur Hayes repeats $1M BTC price bet

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Bitcoin (BTC) and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says. In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto. $1 million Bitcoin still in play in 2024 “great pivot” Going long crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues. On Dec. 13, at the latest meeting of the Federal Open Market Committee (FOMC), Fed…

Nearly Half of Crypto Users Rely on Digital Assets to Earn Extra Income

Binance surveyed 1,172 of its registered users in jurisdictions where it is allowed to operate and found that 45 percent rely on crypto to earn an extra income. Binance Holdings Ltd, the leading cryptocurrency exchange by daily traded volume and globally registered users, recently surveyed its registered users to understand top use cases for crypto assets. Notably, the cryptocurrency exchange conducted the survey on 1,172 randomly distributed in Asia, the Middle East, Europe, Africa, and Latin America. The survey happened between November 15, 2023, and December 6, 2023, on the…

Learning About DAO Governance From Aragon’s Crisis

While the product foundered, funds from the token launch were managed by the Aragon Association, a Swiss nonprofit, and grew to over $200 million in value due to the rally in eth. During a planned governance transition from the Aragon Association to the Aragon DAO, some activist investors (or “governance raiders,” as some like to call them) bought up control of the DAO and started lobbying for the liquidation of the treasury controlled by the nonprofit. This attack — exacerbated by internal tensions in the nonprofit board — triggered some…