Tag: Investors

Hong Kong Officials Warn Investors to Stay Away from Retail Stablecoins Since They Are Unregulated

The Hong Kong Monetary Authority (HKMA) recently completed a public consultation on stablecoins regulations. As the city of Hong Kong prepares for mainstream adoption of digital assets through a regulated manner, the officials are grappling with cases of crypto-related scams. In a bid to ensure maximum protection of investors’ funds, Hong Kong’s Secretary for Financial Services and Treasury Christian Hui has noted that trading of retail stablecoins is not yet allowed. With the regulations of stablecoins in Hong Kong expected to take place late next year, Hui cautioned investors to…

EMAX investors given third and final chance at celeb promo suit

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The plaintiffs of the EthereumMax (EMAX) investor class action lawsuit have been given a final chance to amend their claims against the celebrities they accuse of promoting the now-defunct cryptocurrency.  In an Oct. 3 court order, United States District Court Judge Michael Fitzgerald said he’s giving the EMAX investors a third and final chance to submit an amended complaint. The class-action suit was brought against boxer Floyd Mayweather, NBA star Paul Pierce, reality TV star Kim Kardashian, and others in 2022 for allegedly promoting EMAX which the suit called a…

SBF was ‘very resistant’ to investors on FTX board: Paradigm co-founder

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Sam Bankman-Fried was “very resistant” to having investors join the board of directors at FTX, claims Matthew Huang, the co-founder and managing partner of crypto investment firm Paradigm. Paradigm and a number of venture capital firms including Sequoia, Temasek and BlackRock were burned by their funding of the now-bankrupt crypto exchange with all facing scrutiny — and subsequently issuing statements — on their investment in FTX. Testifying on the third day of Bankman-Fried’s trial in a New York Federal Court, Huang claimed Bankman-Fried believed having investors on FTX’s board of…

XRP, Polygon See Month-High Volumes As Investors Show FOMO

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On-chain data shows the trading volumes of XRP and Polygon have hit monthly highs as investors are displaying FOMO towards the assets. XRP, Polygon See Volume Spike Similar To Bitcoin’s Surge A Few Days Back According to data from the on-chain analytics firm Santiment, XRP & MATIC have seen high volumes recently. The “trading volume” here refers to the total amount of any cryptocurrency that’s being transacted on the different exchanges in the sector every day. When the value of this metric is high, it means that the asset in…

Cardano stablecoin project gambled away investors’ money before rug: Report

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In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the Cardano network. The new project, called “Ardana,” would allow investors to lock up crypto collateral and mint fiat-pegged stablecoins, including a U.S. dollar-based token called dUSD. It raised $10 million from investors that year, but it suddenly closed up shop in November 2022, citing “funding and project timeline uncertainty.”  Some investors blamed the loss on the “crypto winter” of 2022, during which many legitimate projects went bust from lack of funding in the extended bear market.…

Ethereum ETFs Face Lackluster Debut From Small Investors: Is The Hype Fizzling Out?

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Yesterday’s launch of futures-based Ethereum (ETH) exchange-traded funds (ETFs) delivered underwhelming results, with shallow trading volumes indicating a deficient demand for ETH exposure. Furthermore, a recent report by The Wall Street Journal report by The Wall Street Journal, it was revealed that the launch of the first Ethereum exchange-traded funds on Monday generated little interest from small investors.  These ETFs provided individual investors access to the second-largest cryptocurrency through brokerage accounts. However, per the report, most of the futures-based Ether ETFs ended the day in the red, with a combined…

Terraform and Do Kwon Secure First Victory as Investors Drop Class-Action Lawsuit

Lawyers representing the investors submitted a notice of voluntary dismissal of the lawsuit against Terraform Labs and Do Kwon in the United States District Court for the Northern District of California. The class-action lawsuits against Terraform Labs and its co-founder Do Kwon alleging fraud, were abruptly withdrawn, leaving the reasons undisclosed. Terraform Labs, renowned for its Terra stablecoin, started operations in 2018. However, a sudden crash in May 2022 occurred when the Terra blockchain experienced a temporary halt following the collapse of the TerraUSD (UST) stablecoin and Luna network. This…

Investors drop class-action lawsuit against Terraform Labs and Do Kwon

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A group of investors behind a class-action lawsuit against Terraform Labs and its co-founder Do Kwon over fraud allegations have dropped the case.  In a Sept. 28 filing in United States District Court for the Northern District of California, lawyers representing plaintiff Nick Patterson, who filed the lawsuit on behalf of investors, filed a notice of voluntary dismissal only against Terraform and Kwon. The notice did not explicitly state the reasons for dropping the case without prejudice. “The [Terraform Labs] Defendants have neither answered the complaint […] nor filed motions…

Investors eyes blockchain analytics, gaming and crypto privacy

Crypto startups keep raising capital despite tight liquidity and adverse macroeconomic conditions. September saw major developments in the space, such as Farmville co-creator Amitt Mahajan raising $33 million to create Web3 games, and Animoca Brands disclosing $20 million capital gathered to push forward the development of its Mocaverse platform. In another related development, Blockchain Capital closed two new funds in September, with $580 million to be deployed in crypto gaming and decentralized finance projects in the coming months. Cointelegraph’s VC roundup showcases the latest projects raising capital despite the market’s long…