🔥Morocco vs. Spain is one of the most intriguing matches in Qatar🔥
Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
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Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
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Promocode - CRYPTOCUSH
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Morgan Creek CEO Says FTX Co-Founder SBF Was a ‘Pawn’ Used to ‘Punish’ the Crypto Industry
Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.”
Since the Terra LUNA fallout and the great number of business failures that followed the event, there’s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of CNBC’s Mad Money show, Jim Cramer, Galaxy Digital’s CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla’s CEO and Twitter chief, Elon Musk.
On Friday, Mark Yusko, the CEO and founder of Morgan Creek Capital Management, told Kitco’s lead anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried (SBF) was a “pawn.” “They are just pawns in a very large, very elaborate system that was designed to do money laundering,” Yusko told Kitco’s lead anchor. “It is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry,” he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.
Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning that it is not controlled by any single entity. Bitcoin (BTC) and defi challenges concepts like fiat currency and central planning, Yusko informed the Kitco broadcast host. Yusko and many crypto proponents believe defi offers a number of benefits, including greater accessibility, transparency, and security. “Blockchain replaces trust with truth,” Yusko explained to Makori.
“Who are the arbiters of trust today? Financial institutions, third-party middle people, a $7 trillion industry,” Yusko elaborated. “They would like to not be disrupted by defi and digital assets. It is possible that some group of incumbents might have tried to lobby for regulation to delay, obfuscate or change the course of this disruption.”
Yusko also pointed out that it’s possible “someone above” SBF or Alameda Research’s Caroline Ellison worked to achieve a common goal, at the expense of the crypto industry. “This debacle is a fraud perpetrated by, I believe, someone above the useful idiots. Those two are not playing 10D chess,” the Morgan Creek CEO expounded. “Very large sums of money went to political candidates. There is evidence of Sam Bankman-Fried saying that he was going to give $1 billion in the next election,” Yusko added.
Yusko is extremely bullish on bitcoin (BTC) and in a May 6, 2020 interview, the Morgan Creek CEO said he expected the leading crypto asset to tap $250,000 in five years. During the discussion, Yusko also opined that bitcoin’s price could reach $400K to $500K as well. During his interview with Makori, Yusko noted that the U.S. could risk becoming stagnant if it over-regulates the industry. “If we become overly onerous regulatorily, crypto will just pop up in other jurisdictions,” Yusko said. “So, ultimately, crypto will win.”
Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.”
Since the Terra LUNA fallout and the great number of business failures that followed the event, there’s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of CNBC’s Mad Money show, Jim Cramer, Galaxy Digital’s CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla’s CEO and Twitter chief, Elon Musk.
On Friday, Mark Yusko, the CEO and founder of Morgan Creek Capital Management, told Kitco’s lead anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried (SBF) was a “pawn.” “They are just pawns in a very large, very elaborate system that was designed to do money laundering,” Yusko told Kitco’s lead anchor. “It is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry,” he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.
Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning that it is not controlled by any single entity. Bitcoin (BTC) and defi challenges concepts like fiat currency and central planning, Yusko informed the Kitco broadcast host. Yusko and many crypto proponents believe defi offers a number of benefits, including greater accessibility, transparency, and security. “Blockchain replaces trust with truth,” Yusko explained to Makori.
“Who are the arbiters of trust today? Financial institutions, third-party middle people, a $7 trillion industry,” Yusko elaborated. “They would like to not be disrupted by defi and digital assets. It is possible that some group of incumbents might have tried to lobby for regulation to delay, obfuscate or change the course of this disruption.”
Yusko also pointed out that it’s possible “someone above” SBF or Alameda Research’s Caroline Ellison worked to achieve a common goal, at the expense of the crypto industry. “This debacle is a fraud perpetrated by, I believe, someone above the useful idiots. Those two are not playing 10D chess,” the Morgan Creek CEO expounded. “Very large sums of money went to political candidates. There is evidence of Sam Bankman-Fried saying that he was going to give $1 billion in the next election,” Yusko added.
Yusko is extremely bullish on bitcoin (BTC) and in a May 6, 2020 interview, the Morgan Creek CEO said he expected the leading crypto asset to tap $250,000 in five years. During the discussion, Yusko also opined that bitcoin’s price could reach $400K to $500K as well. During his interview with Makori, Yusko noted that the U.S. could risk becoming stagnant if it over-regulates the industry. “If we become overly onerous regulatorily, crypto will just pop up in other jurisdictions,” Yusko said. “So, ultimately, crypto will win.”
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🇳🇱Netherlands - 3.6x
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Argentina remains one of the favorites to lift the trophy, but could they fall short against the Dutch?
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Brussels Wants All Crypto Service Providers to Report Transactions of Europeans
The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for customers residing in the EU, not only those that are based there.
At the moment, tax authorities in the bloc lack the information needed to monitor proceeds obtained by using cryptocurrencies, the European Commission (EC) insisted. They are limited in their ability to ensure levies are paid effectively while Europeans lose tax revenues, it stated.
The new regulations, meant to complement the Markets in Crypto-assets legislation and the anti-money laundering rules agreed upon earlier this year, should improve the ability of member states to detect and counter tax fraud, tax evasion and tax avoidance, the Commission elaborated.
The reporting requirements will apply to all crypto service providers, regardless of their size and location, which process transactions of clients residing in the EU. “Serious non-compliance” will trigger penalties with a set minimum level valid across the Union.
“Our proposal will ensure that member states get the information they need to ensure that taxes are paid on gains made in trading or investing crypto assets,” commented Commissioner for Economy Paolo Gentiloni. “It is also fully consistent with the OECD initiative on the Crypto Asset Reporting Framework,” he added.
The plan is to impose the new obligations on the crypto sector through amendments to the Directive for Administration Cooperation (DAC). The EC also suggested extending them to cover e-money and other digital currencies.
The draft proposal will be submitted to the European Parliament for consultations and to the Council of the European Union for adoption. The European Commission expects the updated Directive to be enforced on Jan. 1, 2026
The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for customers residing in the EU, not only those that are based there.
At the moment, tax authorities in the bloc lack the information needed to monitor proceeds obtained by using cryptocurrencies, the European Commission (EC) insisted. They are limited in their ability to ensure levies are paid effectively while Europeans lose tax revenues, it stated.
The new regulations, meant to complement the Markets in Crypto-assets legislation and the anti-money laundering rules agreed upon earlier this year, should improve the ability of member states to detect and counter tax fraud, tax evasion and tax avoidance, the Commission elaborated.
The reporting requirements will apply to all crypto service providers, regardless of their size and location, which process transactions of clients residing in the EU. “Serious non-compliance” will trigger penalties with a set minimum level valid across the Union.
“Our proposal will ensure that member states get the information they need to ensure that taxes are paid on gains made in trading or investing crypto assets,” commented Commissioner for Economy Paolo Gentiloni. “It is also fully consistent with the OECD initiative on the Crypto Asset Reporting Framework,” he added.
The plan is to impose the new obligations on the crypto sector through amendments to the Directive for Administration Cooperation (DAC). The EC also suggested extending them to cover e-money and other digital currencies.
The draft proposal will be submitted to the European Parliament for consultations and to the Council of the European Union for adoption. The European Commission expects the updated Directive to be enforced on Jan. 1, 2026
Rock Legend Gene Simmons Is Holding Crypto Despite Market Sell-Offs and FTX Collapse
Rock band Kiss’ lead singer Gene Simmons has confirmed that he is still holding crypto despite the crypto winter and the collapse of cryptocurrency exchange FTX. “I’m deep in crypto. I believe in it,” the rock legend affirmed. Noting that he has several cryptocurrencies, including bitcoin and ethereum, Simmons stressed: “Personally, I’m holding, but everybody should do their own due diligence.”
Rock legend Gene Simmons confirmed Thursday that he is still holding cryptocurrencies despite the crypto winter and the collapse of crypto exchange FTX. Simmons is an Israeli-born American musician, singer, songwriter, actor, and producer. He was the frontman, bassist, and co-lead singer of Kiss, the rock band he co-founded with lead singer and guitarist Paul Stanley.
Responding to a question from Crypto Housewife at his Moneybag Vodka launch event in Alberta, Canada, about whether he is “still hodling” his cryptocurrencies, Simmons said: “Well, I’m not gonna suggest or recommend anything. I’m not a financial advisor.” The rock legend added:
But since you’re asking me, yes, I’m deep in crypto. I believe in it. I’ve got bitcoin, litecoin, ethereum, quite a few others … Personally, I’m holding, but everybody should do their own due diligence.
Meanwhile, the price of bitcoin is down about 64% year-to-date while ether has fallen 66%. The crypto industry has suffered several major blowups this year, including the Terra blockchain implosion in May and the FTX collapse last month.
FTX, Compute North, Voyager Digital, Celsius Network, Three Arrows Capital, and Blockfi have all filed for bankruptcy protection after dealing with financial problems. An estimated one million customers have lost billions of dollars in the FTX meltdown.
Simmons previously revealed that he owns 14 cryptocurrencies. In June, he said he hasn’t sold any of his coins despite the crypto market downturn.
In an interview with American Songwriter in May, Simmons said he found himself thinking about cryptocurrency most often. “Governments, as you know now print money whenever they need it. So, inflation keeps getting bigger and bigger,” the rock legend described, elaborating:
Yeah, it’s a game-changer. I’m in it big. I’ve done very well.
Rock band Kiss’ lead singer Gene Simmons has confirmed that he is still holding crypto despite the crypto winter and the collapse of cryptocurrency exchange FTX. “I’m deep in crypto. I believe in it,” the rock legend affirmed. Noting that he has several cryptocurrencies, including bitcoin and ethereum, Simmons stressed: “Personally, I’m holding, but everybody should do their own due diligence.”
Rock legend Gene Simmons confirmed Thursday that he is still holding cryptocurrencies despite the crypto winter and the collapse of crypto exchange FTX. Simmons is an Israeli-born American musician, singer, songwriter, actor, and producer. He was the frontman, bassist, and co-lead singer of Kiss, the rock band he co-founded with lead singer and guitarist Paul Stanley.
Responding to a question from Crypto Housewife at his Moneybag Vodka launch event in Alberta, Canada, about whether he is “still hodling” his cryptocurrencies, Simmons said: “Well, I’m not gonna suggest or recommend anything. I’m not a financial advisor.” The rock legend added:
But since you’re asking me, yes, I’m deep in crypto. I believe in it. I’ve got bitcoin, litecoin, ethereum, quite a few others … Personally, I’m holding, but everybody should do their own due diligence.
Meanwhile, the price of bitcoin is down about 64% year-to-date while ether has fallen 66%. The crypto industry has suffered several major blowups this year, including the Terra blockchain implosion in May and the FTX collapse last month.
FTX, Compute North, Voyager Digital, Celsius Network, Three Arrows Capital, and Blockfi have all filed for bankruptcy protection after dealing with financial problems. An estimated one million customers have lost billions of dollars in the FTX meltdown.
Simmons previously revealed that he owns 14 cryptocurrencies. In June, he said he hasn’t sold any of his coins despite the crypto market downturn.
In an interview with American Songwriter in May, Simmons said he found himself thinking about cryptocurrency most often. “Governments, as you know now print money whenever they need it. So, inflation keeps getting bigger and bigger,” the rock legend described, elaborating:
Yeah, it’s a game-changer. I’m in it big. I’ve done very well.
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NFT Sales This Week Jumped 27% Higher, Cryptopunks Rise Above Bored Apes
On Dec. 14, 2022, statistics show that non-fungible token (NFT) sales jumped 27.72% higher than NFT sales recorded last week. The Bored Ape Yacht Club (BAYC) NFT collection captured the most sales this week but on Wednesday afternoon, the floor value tied to Cryptopunks once again jumped above the floor value associated with the BAYC NFT collection.
From last Wednesday up until today, $154.78 million in sales were recorded over the last seven days which is 27.72% higher than the week prior. The $154 million in NFT sales over the last week came from 184,248 NFT buyers and 886,605 blockchain transactions according to cryptoslam metrics.
Once again Ethereum NFT sales dominate as the chain saw $129.99 million in NFT sales out of the $154 million seven-day aggregate. NFT sales from ETH jumped 37.73% higher than ETH-based NFT sales last week. Besides Ethereum, NFT sales from Solana, Immutable X, Polygon, and Cardano followed. In addition to Ethereum’s NFT sales increase, Immutable X NFT sales rose 5.20% higher than the week prior.
The top collection in terms of seven-day NFT sales was BAYC as the collection captured $21.84 million in sales this past week. BAYC is followed by Mutant Ape Yacht Club (MAYC), Valhalla, Cockpunch by Tim Ferriss, and Azuki. The most expensive NFT sold this week was sold five days ago for $691K and the NFT was BAYC #441. BAYC #441 was followed by BAYC #3,756 sold for $517K and Sandbox Land #92,594 for $202K.
BAYC #2,596 sold for $178K around 24 hours ago and BAYC #785 sold for around $137K. While four out of the top five NFT sales this week were BAYC-related, BAYC NFTs have seen their floor values sink below the Cryptopunks NFTs once again. At the time of writing according to metrics from nftpricefloor, the current Cryptopunks’ floor value is higher than BAYC’s floor by an estimated 1.5 ether at 1:00 p.m. (ET) on Dec. 14, 2022.
On Dec. 14, 2022, statistics show that non-fungible token (NFT) sales jumped 27.72% higher than NFT sales recorded last week. The Bored Ape Yacht Club (BAYC) NFT collection captured the most sales this week but on Wednesday afternoon, the floor value tied to Cryptopunks once again jumped above the floor value associated with the BAYC NFT collection.
From last Wednesday up until today, $154.78 million in sales were recorded over the last seven days which is 27.72% higher than the week prior. The $154 million in NFT sales over the last week came from 184,248 NFT buyers and 886,605 blockchain transactions according to cryptoslam metrics.
Once again Ethereum NFT sales dominate as the chain saw $129.99 million in NFT sales out of the $154 million seven-day aggregate. NFT sales from ETH jumped 37.73% higher than ETH-based NFT sales last week. Besides Ethereum, NFT sales from Solana, Immutable X, Polygon, and Cardano followed. In addition to Ethereum’s NFT sales increase, Immutable X NFT sales rose 5.20% higher than the week prior.
The top collection in terms of seven-day NFT sales was BAYC as the collection captured $21.84 million in sales this past week. BAYC is followed by Mutant Ape Yacht Club (MAYC), Valhalla, Cockpunch by Tim Ferriss, and Azuki. The most expensive NFT sold this week was sold five days ago for $691K and the NFT was BAYC #441. BAYC #441 was followed by BAYC #3,756 sold for $517K and Sandbox Land #92,594 for $202K.
BAYC #2,596 sold for $178K around 24 hours ago and BAYC #785 sold for around $137K. While four out of the top five NFT sales this week were BAYC-related, BAYC NFTs have seen their floor values sink below the Cryptopunks NFTs once again. At the time of writing according to metrics from nftpricefloor, the current Cryptopunks’ floor value is higher than BAYC’s floor by an estimated 1.5 ether at 1:00 p.m. (ET) on Dec. 14, 2022.
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G20 Countries to Build Crypto Policy Consensus for Better Global Regulation
The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:
The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.
The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating:
After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.
Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:
The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.
The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating:
After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.
Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
ANNOUNCEMENT 🔊 The FINAL Drop of the year for Lamborghini’s The Epic Road Trip is almost here 💎 Collect the next puzzle piece to get one step closer to Lamborghini’s puzzle reveal, with some seriously valuable prized possessions unleashed in Drop 5 – “The Vault.” (19 Dec – 22 Dec). -- Now dropping on ETH.
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Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound
Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.
Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”
Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.
In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.
Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”
Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.
In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
During the bear market the thing we’re all looking forward to is the next bull run. When can that happen and what can you do to prepare for it?
- Continued innovation: More apps, more on-ramps, more ease and accessibility, and more inclusion. A bull run will follow developers and thought leaders who help move the entire space forward.
- Adoption by global brands: more and more traditional Web 2.0 companies jumping on board Web 3.0 tech distributes a spark for increased market sentiment (Nike, Facebook and Starbucks to name a few)
- End-user trust and participation: The more that users can participate in apps such as Stoic AI, Cosmostation, or Xumm, the more popular each blockchain network will become. The assets on each respective chain will get further utilized, and their value increase will not lag far behind.
- Enriched in-app experiences: there are already lots of Web3 apps but they have pretty high barriers to entry. In order to achieve mass adoption, the user experience should be much simpler (with the same level of security of course). In fact, this is what a lot of Web3 developers are working on right now, and maybe in 2023 we’ll see much more general public getting into Web3 space – which will inevitably drive the market up;
- US Regulation: It is only a matter of time before specific laws are put in place to properly regulate the crypto industry and allow big and small players in the space to finally gain clarity and prevent themselves from being sued at some point. More clarity on the industry as a whole means more people will start trusting crypto again.
And as always, the early adopters get the biggest return on their investment. If you want to start investing in crypto smartly and without losing money, try Stoic: an automated investing solution with strategies that deliver up to +35% APY even on the current bear market.
- Continued innovation: More apps, more on-ramps, more ease and accessibility, and more inclusion. A bull run will follow developers and thought leaders who help move the entire space forward.
- Adoption by global brands: more and more traditional Web 2.0 companies jumping on board Web 3.0 tech distributes a spark for increased market sentiment (Nike, Facebook and Starbucks to name a few)
- End-user trust and participation: The more that users can participate in apps such as Stoic AI, Cosmostation, or Xumm, the more popular each blockchain network will become. The assets on each respective chain will get further utilized, and their value increase will not lag far behind.
- Enriched in-app experiences: there are already lots of Web3 apps but they have pretty high barriers to entry. In order to achieve mass adoption, the user experience should be much simpler (with the same level of security of course). In fact, this is what a lot of Web3 developers are working on right now, and maybe in 2023 we’ll see much more general public getting into Web3 space – which will inevitably drive the market up;
- US Regulation: It is only a matter of time before specific laws are put in place to properly regulate the crypto industry and allow big and small players in the space to finally gain clarity and prevent themselves from being sued at some point. More clarity on the industry as a whole means more people will start trusting crypto again.
And as always, the early adopters get the biggest return on their investment. If you want to start investing in crypto smartly and without losing money, try Stoic: an automated investing solution with strategies that deliver up to +35% APY even on the current bear market.
Bank of England’s Cunliffe Pushes for Crypto Regulation — Sees ‘Real’ Benefits for UK
Bank of England Deputy Governor Sir Jon Cunliffe has revealed that the British central bank is planning to step up its efforts to regulate cryptocurrency trading with new laws. “We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he stressed.
Sir Jon Cunliffe, Bank of England (BOE)’s deputy governor for financial stability, talked about cryptocurrency in an interview with Sky News Thursday. He explained that the British central bank plans to step up its effort with new laws to regulate crypto trading following the collapse of crypto exchange FTX.
“Trading of crypto assets was not big enough to destabilize the financial system, but it was starting to develop links,” Cunliffe said, elaborating:
We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem.
The Bank of England deputy governor noted that trading in crypto should be regulated rather than banned.
While cautioning that many coins were little more than a “gamble” and most were “without intrinsic value,” he admitted: “There are people who want to engage in that activity.” The BOE official clarified: “Provided they do that with their eyes wide open in a place that is safe, is not full of money laundering or illicit finance … then we should provide them at least with the opportunity to do that.”
Cunliffe opined:
If we’re talking about creating the regulation in which people can see whether they can develop services that have benefits using those technologies to the real economy … then I think there’s a real benefit for the U.K.
However, he cautioned: “If we’re talking about using these crypto technologies to create, basically, crypto assets that have nothing behind them … I don’t think there’s ever going to be a sustainable financial activity around that.”
In November, Cunliffe said the collapse of crypto exchange FTX highlighted the urgent need for tighter crypto regulation. The Bank of England executive regularly warned about the danger of cryptocurrency. In July, he said crypto is “prone to collapse.” He also expects to see tough times ahead for the industry as the Federal Reserve continues to tighten financial conditions.
Bank of England Deputy Governor Sir Jon Cunliffe has revealed that the British central bank is planning to step up its efforts to regulate cryptocurrency trading with new laws. “We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he stressed.
Sir Jon Cunliffe, Bank of England (BOE)’s deputy governor for financial stability, talked about cryptocurrency in an interview with Sky News Thursday. He explained that the British central bank plans to step up its effort with new laws to regulate crypto trading following the collapse of crypto exchange FTX.
“Trading of crypto assets was not big enough to destabilize the financial system, but it was starting to develop links,” Cunliffe said, elaborating:
We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem.
The Bank of England deputy governor noted that trading in crypto should be regulated rather than banned.
While cautioning that many coins were little more than a “gamble” and most were “without intrinsic value,” he admitted: “There are people who want to engage in that activity.” The BOE official clarified: “Provided they do that with their eyes wide open in a place that is safe, is not full of money laundering or illicit finance … then we should provide them at least with the opportunity to do that.”
Cunliffe opined:
If we’re talking about creating the regulation in which people can see whether they can develop services that have benefits using those technologies to the real economy … then I think there’s a real benefit for the U.K.
However, he cautioned: “If we’re talking about using these crypto technologies to create, basically, crypto assets that have nothing behind them … I don’t think there’s ever going to be a sustainable financial activity around that.”
In November, Cunliffe said the collapse of crypto exchange FTX highlighted the urgent need for tighter crypto regulation. The Bank of England executive regularly warned about the danger of cryptocurrency. In July, he said crypto is “prone to collapse.” He also expects to see tough times ahead for the industry as the Federal Reserve continues to tighten financial conditions.
Indian Crypto Market Suffers Significantly — Experts Say Trading Volumes Unlikely to Recover Anytime Soon
Crypto trading volumes in India have plunged significantly this year. The FTX meltdown has exacerbated the problem, hurting “the sentiment across crypto tokens.” Local crypto experts are not expecting a recovery in the near future “Unless something dramatic happens” in the upcoming Union Budget.
Cryptocurrency trading volumes at major exchanges in India have plunged significantly this year. Since the collapse of crypto exchange FTX, major exchanges in India lost between 34% and 50% of trading volumes, Moneycontrol reported Monday, citing data from research firm Crebaco. However, the decline began long before the FTX implosion. One of the largest crypto trading platforms in India, Wazirx, lost 97.99% of its trading volumes from the beginning of the year to Dec. 22.
Crebaco CEO Sidharth Sogani told the publication:
I don’t think a lot of this recent trading volume plunge was driven by FTX. The market in India has been dead since April 2022.
“I don’t expect any action or recovery for the sector in India in the next six months, until something major gets announced in the Union Budget,” he continued.
Wazirx’s vice president of marketing, Rajagopal Menon, opined: “It all comes down to the removing / reducing the TDS (tax deducted at source) and capital gains without setoff for losses. No one is trading on Indian exchanges because of that.”
In this year’s Union Budget 2022, the Indian government imposed a 30% income tax on virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs), and a 1% TDS on all transactions of 10,000 rupees ($121) or more.
Menon stressed:
Unless something dramatic happens in the Budget this year, we don’t see a steady recovery in trading volumes anytime soon.
“Indian users have not been too badly affected by FTX except for the sentiment. The negative sentiment around the sector got exaggerated by FTX,” a top crypto exchange executive told the publication. The person elaborated:
Indian investors, after TDS, have moved to Binance and not FTX because Binance had peer-to-peer (P2P) transactions, FTX doesn’t. If you have INR, the only foreign exchanges you can trade on are Binance and Kucoin.
Sogani similarly explained that the FTX meltdown hurt “the sentiment across crypto tokens.” He added: “What came out later on has pushed the crypto industry behind by a few years.”
Meanwhile, India still has not come up with a policy on crypto. The Indian government is planning to discuss crypto regulations with the G20 countries in an effort to establish a technology-driven regulatory framework for crypto assets, the country’s finance minister previously revealed. The government recently updated parliament on the status of its cryptocurrency bill.
India’s central bank, the Reserve Bank of India (RBI), has continued to push for the banning of all cryptocurrencies, like bitcoin and ether. RBI Governor Shaktikanta Das recently said that the next financial crisis will come from crypto if it is allowed to grow.
Crypto trading volumes in India have plunged significantly this year. The FTX meltdown has exacerbated the problem, hurting “the sentiment across crypto tokens.” Local crypto experts are not expecting a recovery in the near future “Unless something dramatic happens” in the upcoming Union Budget.
Cryptocurrency trading volumes at major exchanges in India have plunged significantly this year. Since the collapse of crypto exchange FTX, major exchanges in India lost between 34% and 50% of trading volumes, Moneycontrol reported Monday, citing data from research firm Crebaco. However, the decline began long before the FTX implosion. One of the largest crypto trading platforms in India, Wazirx, lost 97.99% of its trading volumes from the beginning of the year to Dec. 22.
Crebaco CEO Sidharth Sogani told the publication:
I don’t think a lot of this recent trading volume plunge was driven by FTX. The market in India has been dead since April 2022.
“I don’t expect any action or recovery for the sector in India in the next six months, until something major gets announced in the Union Budget,” he continued.
Wazirx’s vice president of marketing, Rajagopal Menon, opined: “It all comes down to the removing / reducing the TDS (tax deducted at source) and capital gains without setoff for losses. No one is trading on Indian exchanges because of that.”
In this year’s Union Budget 2022, the Indian government imposed a 30% income tax on virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs), and a 1% TDS on all transactions of 10,000 rupees ($121) or more.
Menon stressed:
Unless something dramatic happens in the Budget this year, we don’t see a steady recovery in trading volumes anytime soon.
“Indian users have not been too badly affected by FTX except for the sentiment. The negative sentiment around the sector got exaggerated by FTX,” a top crypto exchange executive told the publication. The person elaborated:
Indian investors, after TDS, have moved to Binance and not FTX because Binance had peer-to-peer (P2P) transactions, FTX doesn’t. If you have INR, the only foreign exchanges you can trade on are Binance and Kucoin.
Sogani similarly explained that the FTX meltdown hurt “the sentiment across crypto tokens.” He added: “What came out later on has pushed the crypto industry behind by a few years.”
Meanwhile, India still has not come up with a policy on crypto. The Indian government is planning to discuss crypto regulations with the G20 countries in an effort to establish a technology-driven regulatory framework for crypto assets, the country’s finance minister previously revealed. The government recently updated parliament on the status of its cryptocurrency bill.
India’s central bank, the Reserve Bank of India (RBI), has continued to push for the banning of all cryptocurrencies, like bitcoin and ether. RBI Governor Shaktikanta Das recently said that the next financial crisis will come from crypto if it is allowed to grow.
Nobel Prize Laureate Paul Krugman Compares Tesla to Bitcoin — They ‘Have More in Common Than You Think’
Nobel Prize-winning economist Paul Krugman says Tesla may have more in common with bitcoin than you think. He explained that Tesla sales have depended in part on the perception that CEO Elon Musk “is a cool guy” while the price of bitcoin is “being sustained by a hard-core group of true believers.”
Paul Krugman, who won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity, published an opinion piece in the New York Times Tuesday about Tesla, bitcoin, and their huge valuations. He wrote:
Tesla and bitcoin may have more in common than you think.
The economist explained that mega-corporations like Apple, Microsoft, and Amazon have maintained their dominance because these companies “benefit from strong network externalities — loosely speaking, everyone uses their products because everyone else uses their products.”
However, “It’s hard to see what would give Tesla a long-term lock on the electric vehicle business,” Krugman described. “Where are the powerful network externalities in the electric vehicle business?” he questioned, emphasizing: “Electric vehicle production just doesn’t look like a network externality business.”
Krugman continued:
It’s hard to explain the huge valuation the market put on Tesla before the [price] drop, or even its current value.
The Nobel Prize laureate proceeded to explain “why Tesla was ever worth so much.” He believes that it’s because “investors fell in love with a storyline about a brilliant, cool innovator, despite the absence of a good argument about how this guy, even if he really was who he appeared to be, could found a long-lived money machine.” Krugman added: “Tesla sales have surely depended at least in part on the perception that Musk himself is a cool guy.”
Describing a parallel between Tesla and bitcoin, the Nobel Prize-winning economist detailed:
Despite years of effort, nobody has yet managed to find any serious use for cryptocurrency other than money laundering. But prices nonetheless soared on the hype, and are still being sustained by a hard-core group of true believers.
“Something similar surely happened with Tesla, even though the company does actually make useful things,” Krugman concluded.
At the time of writing, Tesla’s stock has fallen 70% year-to-date while bitcoin’s price has dropped 65% during the same time period.
Nobel Prize-winning economist Paul Krugman says Tesla may have more in common with bitcoin than you think. He explained that Tesla sales have depended in part on the perception that CEO Elon Musk “is a cool guy” while the price of bitcoin is “being sustained by a hard-core group of true believers.”
Paul Krugman, who won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity, published an opinion piece in the New York Times Tuesday about Tesla, bitcoin, and their huge valuations. He wrote:
Tesla and bitcoin may have more in common than you think.
The economist explained that mega-corporations like Apple, Microsoft, and Amazon have maintained their dominance because these companies “benefit from strong network externalities — loosely speaking, everyone uses their products because everyone else uses their products.”
However, “It’s hard to see what would give Tesla a long-term lock on the electric vehicle business,” Krugman described. “Where are the powerful network externalities in the electric vehicle business?” he questioned, emphasizing: “Electric vehicle production just doesn’t look like a network externality business.”
Krugman continued:
It’s hard to explain the huge valuation the market put on Tesla before the [price] drop, or even its current value.
The Nobel Prize laureate proceeded to explain “why Tesla was ever worth so much.” He believes that it’s because “investors fell in love with a storyline about a brilliant, cool innovator, despite the absence of a good argument about how this guy, even if he really was who he appeared to be, could found a long-lived money machine.” Krugman added: “Tesla sales have surely depended at least in part on the perception that Musk himself is a cool guy.”
Describing a parallel between Tesla and bitcoin, the Nobel Prize-winning economist detailed:
Despite years of effort, nobody has yet managed to find any serious use for cryptocurrency other than money laundering. But prices nonetheless soared on the hype, and are still being sustained by a hard-core group of true believers.
“Something similar surely happened with Tesla, even though the company does actually make useful things,” Krugman concluded.
At the time of writing, Tesla’s stock has fallen 70% year-to-date while bitcoin’s price has dropped 65% during the same time period.
Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the global trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency trade volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike occurred amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that time. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in volume, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s total volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time global cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto trade volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both positive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto market, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it may suggest limited selling pressure.
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the global trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency trade volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike occurred amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that time. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in volume, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s total volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time global cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto trade volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both positive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto market, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it may suggest limited selling pressure.
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US Bankruptcy Court Rules Celsius Deposits Belong to the Firm
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.
A U.S. bankruptcy court has made a key ruling in the conflict that Celsius, a former cryptocurrency lending firm, and its customers, maintain over the ownership of deposits. Judge Martin Glenn, of a New York-based bankruptcy court, ruled in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.
The company had filed a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation. The decision states that Celsius’ terms of service, an agreement that all users must approve before being serviced by the company, was “unambiguous” in establishing the ownership of these funds deposited in favor of the firm.
The ruling might affect other cases involving companies that have invoked Chapter 11 bankruptcy benefits, like Blockfi and FTX. 600,000 customers of the lending company are affected by this decision, who were part of the Earn program that yielded high interest on their accounts, which contained $4.2 billion dollars in cryptocurrency. These customers will now be classified as unsecured creditors, possibly affecting the size and significance of their claims in the future.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding.
The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were disclosed at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.
A U.S. bankruptcy court has made a key ruling in the conflict that Celsius, a former cryptocurrency lending firm, and its customers, maintain over the ownership of deposits. Judge Martin Glenn, of a New York-based bankruptcy court, ruled in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.
The company had filed a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation. The decision states that Celsius’ terms of service, an agreement that all users must approve before being serviced by the company, was “unambiguous” in establishing the ownership of these funds deposited in favor of the firm.
The ruling might affect other cases involving companies that have invoked Chapter 11 bankruptcy benefits, like Blockfi and FTX. 600,000 customers of the lending company are affected by this decision, who were part of the Earn program that yielded high interest on their accounts, which contained $4.2 billion dollars in cryptocurrency. These customers will now be classified as unsecured creditors, possibly affecting the size and significance of their claims in the future.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding.
The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were disclosed at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
DOJ Asks Victims of Sam Bankman-Fried’s Fraud to Come Forward
The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted.
The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year.
The DOJ wrote:
If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case.
The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.”
The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.”
Prosecutors are required by federal law to contact possible crime victims to inform them of their rights.
However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person.
Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss.
The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted.
The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year.
The DOJ wrote:
If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case.
The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.”
The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.”
Prosecutors are required by federal law to contact possible crime victims to inform them of their rights.
However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person.
Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss.