In the span of just six days, the nine freshly launched spot bitcoin exchange-traded funds (ETFs) have gathered 20,859.57 bitcoins, valued at over .3 billion. Holding 474,363.55 bitcoins worth .6 billion, these new ETFs are short of 25,636.45 coins to hit the 500,000 milestone. Excluding GBTC, Fidelity’s FBTC and Blackrock’s IBIT Dominate Bitcoin ETFs In […]
Bitcoin News
Crypto Exchange Okx Shuts Down Services in India Due to Regulations — Advises Users to Withdraw All Funds
Cryptocurrency exchange Okx has notified its users in India that the platform is shutting down services in the country “due to local regulations.” The exchange has advised users in India to “withdraw all funds” from their accounts by the end of April. The Indian government has not regulated crypto and the country’s finance minister recently […]
Bitcoin News
Salvadoran Press Raises Doubts on Piggy Bank Funds’ Ownership: 80% of BTC Came From Bitfinex
Reports from local Salvadoran press are raising questions about President Bukele’s announcement last week, when he transferred 5,690 BTC to a cold wallet, stating that all of these belonged to the country. Moises Alvarado, a Salvadoran journalist, found that 80% of the funds in this wallet came from Bitfinex, an international exchange, while 20% came […]
Bitcoin News
Fidelity Incorporates Staking in Spot Ethereum ETF Offering to Boost Fund’s Income
On March 18, the financial behemoth Fidelity Investments updated its application for a spot ethereum exchange-traded fund (ETF) to encompass staking capabilities. The firm, Fidelity, has made it known that the sponsor might “from time to time” opt to “stake a portion of the fund’s assets through one or more trusted staking providers.” Fidelity Updates […]
Bitcoin News
Crypto Lender Genesis Agrees to $21 Million SEC Fine, Funds to Await Bankruptcy Claim Settlements
Genesis Global Capital has settled with the U.S. Securities and Exchange Commission (SEC) and agreed to pay a million civil penalty. The SEC further disclosed that the regulator will “not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court, including claims by retail investors in […]
Bitcoin News
Thai Rule Change Allows Asset Management Funds to Invest in Bitcoin ETFs
Thailand-based asset management funds can now launch private funds for investing in U.S. spot bitcoin exchange-traded funds (ETFs), according to the country’s securities regulator. The approval of bitcoin ETFs by U.S. regulators has opened opportunities for Thai asset management firms to gain exposure to the premier crypto asset. Only Institutional Investors and Ultra-High-Net-Worth Individuals Are […]
Bitcoin News
Australian Crypto Love: Value of Digital Assets Held in Super Funds Surges Past $650 Million
In just three years, Australian self-managed super funds saw the value of their respective crypto asset holdings rise from just over 9 million to over 0 million. According to an executive with a local crypto exchange, many Australians are seeking to “allocate at least a percentage of their retirement funds to cryptocurrencies.” Crypto Assets Held […]
Bitcoin News
Fantom Launches Recovery Plan For Funds Lost In Multichain’s $200M Exploit, FTM Soars
The Fantom (FTM) Foundation has taken decisive steps to recover assets lost in the Multichain exploit that devastated various chains, including its own, resulting in a staggering 0 million loss.
After failed attempts to engage with the Multichain Foundation, the Protocol has announced that it filed a lawsuit for “breach of contract” and “fraudulent misrepresentations.”
Fantom Foundation Takes Legal Action Against Multichain
The exploit, which occurred in July 2023, targeted the Multichain bridge and affected multiple chains, including Fantom, Ethereum (ETH), Binance’s BNB, Cronos (CRO), Polygon (MATIC), Arbitrum (ARB), zkSync, Optimism (OP), and Moonbeam (GLMR).
Fantom’s ecosystems suffered losses of approximately one-third of the total damage. In addition, the Fantom Foundation claims that the recovery process has faced numerous challenges due to legal complexities, jurisdictional issues, uncooperative former directors, and ongoing police investigations.
To pursue justice, the Fantom Foundation initiated several measures. They filed a police report in Singapore, where the Multichain Foundation is incorporated, and in Kunming, China, where Multichain and its founder are under investigation.
Legal counsel was engaged in the United States, China, Hong Kong, and Singapore to navigate the diverse jurisdictions involved. Additionally, Fantom partnered with the blockchain intelligence firm TRM Labs to conduct a comprehensive forensic analysis of the asset flow. As a decisive move, legal action against the Multichain Foundation for losses incurred by Fantom was commenced in Singapore.
Empowered To Liquidate Multichain
The Fantom Foundation has also disclosed that a recent default ruling by Judge Tan Boon Heng of the General Division of the High Court of Singapore has ruled in favor of the Protocol’s claim.
According to the foundation’s blog post, the ruling paves the way for the protocol to petition the court to dissolve the Multichain Foundation and appoint a court-appointed liquidator.
The liquidator, equipped with specialized expertise, legal powers, and authority to act on behalf of Multichain, will reportedly assist in the tracing, recovering, and distributing of missing or frozen assets.
However, it is worth noting that while the current ruling addresses explicitly the Fantom Foundation’s losses, it sets an important precedent for all affected users to pursue their claims against Multichain.
Ultimately, the Foundation intends to use this legal victory to facilitate the appointment of “suitably qualified” experts to recover and distribute assets on behalf of all creditors. This milestone marks a significant step forward in the ongoing legal saga and underscores the team’s approach to righting the wrongs caused by the exploit.
Riding The Bull Market
Despite the ongoing legal battle faced by the protocol, its native token, FTM, has experienced significant gains across all time frames, taking advantage of the current bullish sentiment in the overall market.
In the year-to-date period, the FTM token has recorded a remarkable increase of 67%, followed by gains of over 92% in the past thirty days. Furthermore, in the past seven and fourteen days alone, the token has seen gains of 50% and 57%, respectively.
This continuous upward trend propelled FTM to reach a 20-month high of .751 on Monday. However, it has since retraced and is trading for .681, with a modest recovery of 1.8% in the past few hours.
Featured image from Shutterstock, chart from TradingView.com
User Alert: Tornado Cash Developers Warn of Risk to Funds Deposited Since Jan. 1
Tornado Cash developers have issued a scam warning to cryptocurrency users who made deposits via the IPFS’ gateways between Jan. 1 and Feb. 24. Developers suspect that an exploiter may have “leaked” Tornado Cash deposits during this period to a server under their control. ‘Malicious Javascript Code’ Developers of Tornado Cash, a smart contract-based cryptocurrency […]
Bitcoin News
Tron (TRX) investors add DeeStream (DST) after Binance Coin (BNB) funds puts huge investments into innovative presale
The creation of cryptocurrencies was a turning point for tech and finance. Cryptocurrencies changed investments. It spurred people to reimagine the concept of “money”.
Today, almost everyone appreciates the profitability of cryptocurrencies and invests accordingly. In a way, it has also become quite competitive. Crypto investing is now all about the question, “Which of these coins would be the most profitable?”
This is why holders of renowned cryptocurrencies like Tron (TRX) and Binance Coin (BNB) still invest in other coins. Tron (TRX) and Binance Coin (BNB) holders want to expand their crypto investments. Currently, they’re investing massively in DeeStream (DST), a token that helps them get their investment expansion dream.
What Do Tron(TRX) Investors Think About DeeStream(DST)?
Lately, Tron (TRX) has been doing well in the crypto market. Tron (TRX) saw a good 8.43% rise in the last week, with some significant spikes in the last month too.
Nonetheless, Tron (TRX) investors desire so much more. They see DeeStream (DST) as an opportunity to improve their crypto investments. These Tron (TRX) holders realize its potential as a blue-chip cryptocurrency but are also focused on DeeStream dominating recent crypto conversations.
DeeStream (DST) is not just a token. DeeStream (DST) is a Web 3 streaming platform, fully decentralized to address all the issues with conventional streaming platforms like YouTube. This is one of the reasons Tron (TRX) holders find it appealing.
What Binance (BNB) Investors Think About DeeStream (DST)
DeeStream (DST) operates with a collective governance model, one that allows users and DeeStream (DST) investors to determine the platform’s policies. Binance Coin (BNB) Investors find this intriguing.
Binance Coin (BNB) is relatively well-established in the crypto market. The coin has had significant spikes in recent months, yet, Binance Coin (BNB) Investors want more financial control and flexibility. That’s why they turn to DeeStream(DST).
DeeStream (DST) grants Binance Coin (BNB) investors who buy its token access to numerous rewards and benefits on the DeeStream (DST ) platform. These Binance Coin (BNB) investors will get a shared proportion of DeeStream’s (DST ) revenue for as long as they hold onto their DeeStream (DST) tokens.
DeeStream (DST), An Emblem Of Innovation
DeeStream (DST) is just in its first stage of presale, yet, Tron (TRX) and Binance Coin (BNB) investors are rushing in to invest massively. This hype is an indicator of DeeStream’s (DST) potential.
DeeStream’s (DST) presale price of only .035 is an additional incentive for Tron (TRX) and Binance (BNB) Investors to bring in massive capital. They know that early large investments in DeeStream’s (DST) guarantee a vital advantage of increased returns.
DeeStream (DST) is unlike any streaming platform and unique in comparison with Web 3 alternatives. It represents a convergence of two important technologies – Streaming and blockchain. This degree of innovation is unprecedented, even in the cryptocurrency era.
The world will evolve and so will technology. The best benefits of this evolution process will be obtained from the best combinations of innovations. The platform DeeStream (DST) is an excellent example of this kind of revolutionary innovation.
Find out more about DeeStream (DST) presale by visiting the website below;
Find out more about the DeeStream presale by visiting the website here