U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated that the crypto industry is filled with instances of abuse and fraud, citing a significant number of bankruptcies in recent years. He also cautioned investors in spot bitcoin exchange-traded funds (ETFs) that these products are based on a “highly speculative volatile underlying asset: bitcoin.” […]
Bitcoin News
dYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?
On December 1, dYdX, the layer-2 decentralized exchange, will unlock 150 million DYDX worth roughly 8 million to early investors and core team members. This substantial unlock has raised concerns among investors, who fear the influx of fresh tokens could substantially increase supply.
If this is not matched by high demand, DYDX prices will likely pull back, reversing recent gains posted over the past few trading weeks.
DYDX Worth 0 Million To Hit The Market
According to Bubblemaps data, out of the 8 million worth of DYDX, over 50% is allocated to venture capitalists (VCs), including Paradigm and Polychain. Zooming back and looking at their data, VCs seeded 0 million to the layer-2 decentralized exchange.
These tokens were distributed to private investors through five wallets, including Coinbase Custody, Investor Distribution, and the Foundation Wallet.
Currently trading at over , DYDX is at February 2023 levels and technically bullish. However, the upcoming token unlock casts a shadow over the token’s positive momentum.
Notably, dYdX, postponed its token unlock by ten months. According to data, the humongous DYDX unlock was initially postponed from February to December 2023. Following this move, DYDX prices edged higher.
Even so, prices pulled back before consolidating in the better part of Q2, Q3, and early Q4 2023. There was a pronounced rally in late October 2023 as DYDX rose, riding the optimism across the crypto board.
At spot rates, DYDX is up 82% from October 2023 highs. However, looking at price action, bears are retesting the 20-day moving average of the BB. A break below this level might trigger a sell-off, pushing prices back to October 2023 highs.
Which Way Could Take The Price Action?
While it is likely that prices could contract ahead or after the unlocking event, the team has devised a way of mitigating the expected selling pressure. To illustrate, the initial unlock will release 30% of the total amount. Afterward, there will be monthly equal releases over the next three years.
For optimists, however, that a significant portion of these tokens will go to the team, and investors could end up supporting prices. Team members and venture capitalists trade less frequently than retail investors, meaning the expected liquidation pressure, if any, could be limited.
Moreover, some team members and even early investors might consider re-staking DYDX from their infrastructure, giving them more control.
Even with this release, crypto participants are upbeat, anticipating Bitcoin prices to track higher ahead of the expected spot Bitcoin ETF approval by the Securities and Exchange Commission (SEC). More tailwinds could result from the Bitcoin halving event in early Q2 2024.
FBI Dives Into FTX Customer Records — Field Offices Issue Subpoenas to Bankruptcy Consultants
Reports indicate that the U.S. Federal Bureau of Investigation (FBI) has received data on FTX clients from the advisors of the now-insolvent firm. These consultants have complied with a minimum of five inquiries issued by the bureau’s local offices across various states.
FTX Implosion Leads to FBI Data Dragnet
The collapse of FTX has drawn the FBI’s attention to its data, following a Bloomberg report by Jonathan Randles that revealed the exchange’s consultants, Alvarez & Marsal, had provided the agency with trading information and client details.
There are multiple reasons why U.S. law enforcement would seek access to this data. In the event of FTX’s bankruptcy, the FBI’s investigation may extend to the company’s management practices and any potential violations of financial regulations or acts of misconduct that may have led to its financial downfall.
The FBI might be scrutinizing whether certain customers received preferential treatment during the company’s collapse. According to Randles’ account, advisors received “subpoenas from at least five FBI field offices,” spanning cities from Portland to Philadelphia, Minneapolis, and Oakland.
This insight springs from billing documents belonging to Alvarez & Marsal, which also indicate that trading details were handed over to the FBI and a thorough review of FTX’s “cloud-computing data.”
Attempts by Randles to obtain a statement from Alvarez & Marsal went unanswered. In situations like that of FTX, the FBI’s pursuit of data often signals an inquiry into suspected illegalities, including fraud, money laundering, or other financial offenses.
Through the lens of customer data, the FBI could reconstruct a comprehensive narrative of the transactions, pinpoint discrepancies or illicit conduct, and compile evidence for any ensuing legal action.
The news follows a jury convicting FTX founder Sam Bankman-Fried on all counts. Bankman-Fried’s sentencing date is scheduled for March 28, 2024, he faces more than 100 years in prison.
What do you think about the FBI sifting through FTX’s customer data? Share your thoughts and opinions about this subject in the comments section below.
SEC Chair: Crypto Is a Field Rife With Fraud, Abuse, Misconduct — ‘It’s Daunting’
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler testified before the Senate Banking Committee, stating that crypto is “a field which is rife with fraud, abuse, and misconduct.” He also stated that the securities regulator is still reviewing applications for spot bitcoin exchange-traded funds (ETFs).
Gary Gensler’s Testimony Before Senate Committee
The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, talked about cryptocurrency during his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday.
Reiterating his view that most crypto tokens are securities, Gensler told lawmakers: “Without prejudging any one token, the vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well.”
The SEC chief stressed:
In terms of crypto … I’ve been around finance for 44 years now … and I’ve never seen a field that’s so rife with misconduct. It’s just – it’s daunting.
He further described the crypto industry: “Right now, unfortunately, there’s significant non-compliance and it’s a field which is rife with fraud, abuse, and misconduct.”
Senator Bill Hagerty (R-TN) asked Gensler during the hearing what the SEC needs to see from issuers to approve spot bitcoin exchange-traded funds (ETFs) following a recent court ruling in favor of Grayscale Investments. The court found that the securities regulator’s denial of Grayscale’s spot bitcoin ETF application was “arbitrary and capricious.” The SEC chair replied:
We are still reviewing that decision … We have multiple filings around bitcoin exchange-traded products so it’s not just that one you mentioned but it’s multiple others. We are reviewing them and I’m looking forward to the staff’s recommendations.
What do you think about Gary Gensler’s statements? And, do you think the SEC will soon approve a spot bitcoin ETF? Let us know in the comments section below.
SEC Chair Gary Gensler Says Crypto Is a Highly Speculative Field ‘Rife With Fraud’
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has called crypto “a highly speculative asset class” and a field that is “rife with fraud.” He stressed that there are far too many bad actors in crypto, noting that crypto platforms often commingle funds and trade against their customers.
Gary Gensler Says Crypto Field Rife With Fraud
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, slammed crypto in an interview with Bloomberg on Thursday.
“In this field of crypto investing, a lot of investors should be aware it’s not only a highly speculative asset class, it’s also one that they currently should not assume that they are getting the protections of the securities law, even though the securities laws apply to many of those tokens without prejudging anyone. But, you as investors are not getting the full, fair, and truthful disclosure,” the SEC chair cautioned.
Gensler added:
The platforms, the intermediaries are doing things that we would never in a day allow or think the New York Stock Exchange or Nasdaq would do.
“The platforms often are co-mingling and trading against you and have market makers that are on the other side of your trades. And we don’t allow that in the rest of our securities markets,” he continued.
The chairman of the SEC asserted:
Right now, this is a field rife with fraud, rife with hucksters … there are good-faith actors as well but there are far too many that aren’t.
The securities regulator recently requested a budget increase to address the risks posed by the crypto market. Gensler said in March that the SEC needs new tools, expertise, and resources to regulate the crypto industry.
Many people have criticized the SEC chairman for regulating the crypto industry by enforcement. U.S. Congressman Warren Davidson (R-OH) even introduced legislation to remove Gensler as the chairman of the SEC “to correct a long series of abuses.” The lawmaker said: “U.S. capital markets must be protected from a tyrannical chairman, including the current one.”
What do you think about SEC Chairman Gary Gensler’s statements regarding the crypto industry? Let us know in the comments section below.
A unique collection of NFTs will help in the fight against the consequences of a stroke – how a resident of Tomsk has created a revolutionary project in the field of rehabilitative medicine
Oftentimes, ideas that can change the lives of many people come as a result of tragic events. As is the case with a developer from Tomsk, named Nikolai Muravyov. The young man experienced an instance of severe trauma, which not only didn’t break his spirit but also helped him find a way to help many people who face mobility-related problems. Nikolay Muravyov explained to our editorial staff how he managed to create a project aimed at improving rehabilitation after strokes.
How did the idea of VR GO come about?
Life itself pushed me to bring this idea into reality. As you may have noticed, I’m in a wheelchair. In 2010, during a friend’s birthday celebration, I unsuccessfully took a trip on a slide with a sports ice sled and crashed my back into a group of trees. As a result – I gained a spinal fracture, three operations, and a long process of rehabilitation.
Due to the injury, I lost the ability to move my legs. The neurosurgeon advised me to use my imagination here. I had to imagine that I was moving my legs. At this point, fans of Quentin Tarantino’s work should recall a fragment from “Kill Bill”, in which Uma Thurman tries to move his toes after a long coma, lying in the back seat of a car parked in a hospital parking lot. These are the tasks that, following the advice of my doctors, I have been doing for a while now. Indeed, this is very energy-intensive. In addition, it’s not easy to remember the movements that you forgot. It was then that I had the idea of creating VR GO.
What is the essence of your startup’s technology?
In VR GO, we use the capabilities of virtual reality to improve the effectiveness of rehabilitation for people who have suffered a stroke. Our developments help to make mental representation more conscious and interesting, due to the gamified format and anatomically correct transmission of movement.
Patients will be able to control the movements of a digital version of themselves and, thanks to the high detail of each virtual world, take them for their own.
More than 60 people have tested the application and each of them left only positive feedback. There have been cases when relatives of patients who were helped by our developments immediately offered a large sum of money for such tools.
To create an alternate, digital reality, we use the most modern VR headsets, as well as non-trivial solutions in the development of our own application. We strive to make the technology as accessible as possible to everyone.
Who is helping you with this project?
I could not have done this alone. My friend and experienced businessman Maxim Zhdanov, as well as cyberneticist Herman Schneider, whom we met at one of the accelerator events, help me in my work. I assembled the project’s team back in 2017 – after attending a virtual reality hackathon. We also have a staff of programmers who are responsible for the technical part of the development.
What are the results of VR GO at the moment and how do you see the future of the project?
We have proven the effectiveness of our project – this is probably the main achievement. In addition, we have acquired connections and even received the support of foreign authorities. For example, we were offered assistance with the release of the project to the European market. All these details of the puzzle help to promote the project.
We’re also planning to launch a mobile application. At this stage, VR GO users will be able to work even through cardboard cutouts– ordinary Google card glasses in which you can install a smartphone. All you need is a modern phone and an inexpensive cardboard cutout costing between -20.
How did your fascination with Star Wars begin?
My passion for Star Wars goes back a long way. My fascination was catalyzed at the moment when I realized that my disability pension was not enough for living. To earn money, I started making bespoke helmets and costumes from fantasy films. By the way, I’m not limited to Star Wars. There are also works inspired by other films in my collection, for example, Iron Man.
Today, my hobby has taken on a digital format and I recently entered the NFT market. My works are now presented on the OpenSea marketplace. All income from the sale of NFTs goes to fund the project. Those who wish to help us in creating tools for the rehabilitation of people with motor problems – check out my OpenSea page.
How does the process move from idea to implementation?
Creating helmets is an extremely painstaking job in which every detail is important. First, I work out the idea, and then I look for ways to implement it. In the course of the work, I can refine the idea or change it until I get something really cool. An important place in the process is the choice of design.
Some jobs can take from six months to a year and a half, but it’s worth it. Each helmet is unique. There is no second one exactly like it in the world. Helmet buyers get an exclusive opportunity to interact with the Star Wars universe and become a unique part of it. And so, the idea of the STAR MASTER TROOPER project was born.
Do you ever receive unusual orders? If so, what was the most unusual object you created?
One of the most interesting works has been the R2–D2 robot made of metal. He moves his head and speaks in his own language “pilik pili piuu”. We made him for the teaching staff at the children’s technopark known as “Quantorium”, in which I actually worked as a laboratory assistant teacher.
Our R2-D2 was at the Street Vision Street Art Festival. After that, we put the robot into the hands of the person who financed the work.
Tell us about the creation of STAR MASTER TROOPER helmets. What is the main idea behind the collection?
STAR MASTER TROOPER is partly a fantasy about how stormtroopers might look. At the same time, in the NFT collection, I also paid tribute to the classic look of the heroes.
By the way, the first helmet in digital and physical form went to its buyer from Australia before the start of the sales.
What are NFTs and how do they differ from the huge number of images that are uploaded to OpenSea?
The format of non-fungible tokens helps to confirm the ownership of a unique image through the fixation of information in the blockchain. At the same time, the NFT market offers some of the simplest conditions for the sale and purchase of digital art.
All the images that formed the basis of my tokens are copyrighted; they are presented in a single copy. By the way, all the NFTs are not just graphics, but real physical helmets captured on video. This approach allows the buyer to purchase both the digital and physical forms of the helmet.
Do you have plans for expansion in the NFT market?
There are certainly plans to create new collections. The NFT market is continuing to grow. Analysts predict that by 2025, the industry for NFTs will reach billion. Market expansion is also facilitated by the development of many large companies, including Meta (Facebook).
I plan to develop my NFT initiative in order to use it to scale the VR GO project, through which we will help people who have lost the ability to move.
What would you say to people who have lost hope for the joy of movement?
I would say from personal experience – the loss of hope is a path to nowhere. I’ll give you an example. If I had relaxed in the hospital and not started thinking about alternative ways to improve my condition, there would not have been a VR GO project, which has become for many people the hope for a happy future.
Is there an opportunity to contact you to try out your technology or join in your creativity?
Sure. I’m always open to communication. You can contact me, for example, via Twitter or Instagram. I like to communicate with people with whom we are similar energetically.
NFL Star Tom Brady Determined To Stake Big In The Crypto Field
The crypto bug is seemingly proving to be having a big bite on the sports industry as Tom Brady joins other sports celebrities pursuing a dream in the blockchain sector.
The quarterback of the Super Bowl champs – Tampa Bay – had for weeks indicated his enthusiasm, through several tweets about crypto before declaring his intention now to be a “pioneer” in the industry.
The Super Bowl GOAT had for a few days back told the media that he’s a “big believer” in cryptocurrencies. Also, he further disclosed he had acquired some digital coins, which he declined to reveal when asked which ones specifically.
Sports Personalities Delving Into Cryptocurrency Sector
The announcement has made this sports personality the latest entrant into the crypto-world.
This development is coming a few days after a prominent and controversial former batsman from England – Kevin Petersen – affirmed that he’s “getting closer & closer to joining the #bitcoin world.”
Related Reading | Top English Cricketer Kevin Pietersen Acknowledges Bitcoin (BTC)
Similarly, one Shoaib Akhtar, an ex-Pakistani cricketer, had before then launched the world’s first cricket-centric NFT marketplace about two weeks ago.
The FTX Company
Following his latest crypto activities, Tom Brady has been appointed a brand ambassador for FTX. The FTX is a US-regulated cryptocurrency exchange built from the ground up.
It is a company bent on growing the digital currency ecosystem, offering the US and international traders a platform that inspires their loyalty, and becoming the market-leading US-regulated cryptocurrency exchange.
Tom Brady Met Sam Bankman-Fried
Today, during a Q&A on Twitter that the company mainly organized to promote his new role as their brand ambassador, the experienced quarterback talked with pomp over his latest partnership with the crypto exchange. But unfortunately, he also dismissively belittled the threat of the recent market doldrums.
Related Reading | Blockchain Caucus Co-Chair: Government Needs The Ability To Reverse Transactions
On being asked by his host Sam Bankman-Fried, about what exactly his recent exodus of tweets on Twitter were driving at, “I want to be a pioneer in this field,” Brady revealed.
Host Sam Bankman-Fried is the founder and CEO of the US-based digital currency company.
What Attracted Brady?
In the half-hour-long dialogue with the CEO, Brady assessed his current adventure into the blockchain industry. He equally revealed why he had chosen the FTX over others.
He revealed a “charitable mission” adoption, given the rapidly growing crypto exchange.
Indeed, a fact check shows the US-regulated exchange has obliged to donate 1% of all “net fees” to charity and has thus far put up million from the pledge.
“I got a call from a guy I work with who has a lot of great knowledge about this space. He said, “I think this would be something you would be interested in.” Brady, talking about how he was intrigued to start digging into the company.
The results were his investment into the company and the ensuing ambassadorial reward, he said.
Brady, however, never ceased to give more significant credit on FTX’s charitable project, which he said endeared the company to him the most.
Tom Brady Excited To Partner With’ Charitable’ FTX
“I’m excited about the endless possibilities that we have to create things together,” Brady said, as he revealed how exciting it is for him to partner with FTX in giving back to the communities, the planet, and spreading the crypto knowledge.
Stoked to partner with @SBF_Alameda and @FTX_Official as we continue building the future of crypto. I hear we’re headed to the moon? pic.twitter.com/BdReBkNfxg
— Tom Brady (@TomBrady) June 29, 2021
The 43-year-old super bowl’s “greatest of all time” revealed his new role at FTX is inclusive of his wife.
He explained she would be working primarily on the charitable part of the partnership. She will help determine which charities to fund with the money the FTX continues to raise, Brady revealed to Sam Bankman-Fried.
![Super Bowl Star Tom Brady Determined to Stake Big in The Crypto Field](https://www.newsbtc.com/wp-content/uploads/2021/06/NEFJGIrO-860x655.png)
Undoubtedly, the cryptocurrency sector is appealing and it’s gaining traction at an impressive pace. As the most renowned sports personalities show interest in Bitcoin and other digital assets, the prices are expected to skyrocket in the near term.
Featured image from Tom Brady's Twitter, Charts from TradingView.com
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