Tehter · 10

Breaking through 10 billion dollars in the first week, digging deep into the big winner behind Bitcoin ETF

Eleven Bitcoin spot ETFs, over 70 institutions participated, and Wall Street's top capital stepped in. By Peng Sun, Foresight News January 17, Yahoo data shows that just one week after the US Securities and Exchange Commission (SEC) officially approved the Bitcoin Spot ETF, its cumulative trading volume has exceeded $10 billion. Among them, Grayscale, BlackRock, and Fidelity dominate, accounting for about 90% of the total transaction volume. Bloomberg analyst Eric Balchunas also said that Grayscale's spot Bitcoin ETF has lost $5 billion, and BlackRock is most likely to surpass Grayscale as the “king of liquidity.” So, with the Bitcoin spot ETF trading volume being so huge, what unknown institutions would benefit from it other than the 11 issuers and their affiliates? Based on this, the author was inspired by 1kx partner Diana Biggs's article “An In-depth Reading of the Current Status and Potential of Crypto ETPs Before the Launch of Bitcoin Spot ETFs”, and thoroughly combed through 11 of the latest Bitcoin spot ETF documents submitted to the SEC, and discovered that there are at least 24 ETF issuers and their affiliates, and at least 48 other stakeholders behind them. In other words, 72 beneficiaries have surfaced, and top Wall Street capitals such as Bank of New York Mellon, State Street, United Bank, J.P. Morgan Chase, Jane Street Capital, Macquarie Capital, and Virtu have also stepped in. Image Source: 1kx Custodian & Broker & Lender & Connected Trading Site & Executive Agent CoinbaseCoinbase is the largest cryptocurrency exchange in the US and won a lawsuit with the US Securities and Exchange Commission (SEC). Currently, Coinbase has become a Bitcoin custodian for 8 institutional ETFs including ARK 21Shares, Bitwise, Grayscale, Wisdomtree, Invesco/Galaxy, BlackRock, Franklin Templeton, and Valkyrie. At the same time, Coinbase also acts as the main broker, trading credit lender, connected trading venue, or main execution agent for these 8 ETFs. Additionally, most ETF connected trading venues (Connected Trading Venues) also include Bitstamp, LMAX, Kraken, and four non-bank market makers whose names cannot be revealed due to confidentiality restrictions. Gemini Trust Company, LLCGemini Trust Company, LLC is VanEck's Bitcoin custodian, and Gemini Trust Company is a crypto exchange owned by Tyler Winklevoss. In 2022 and 2023, cryptocurrency trading company Genesis filed for bankruptcy due to the FTX thunderstorm, and Gemini was subsequently involved in debt disputes and legal litigation with Genesis and its parent company DCG, which were investigated and prosecuted by the US government. On December 13, 2023, Gemini Trust sent an email to creditors outlining the proposed restructuring plan, which has now been submitted for a vote. Meanwhile, in April 2023, Gemini launched the Gemini Foundation, a non-US cryptocurrency derivatives platform. On January 17, 2024, Gemini received approval from the French financial market regulator Autorite des Marches financiers (AMF) to launch in France. The company also said it will launch its products to retail and institutional customers in France in the next few weeks. Of the 11 Bitcoin spot ETFs listed on the Cboe BZX Exchange (Cboe BZX Exchange), 6 chose to list on the Chicago Options Exchange: ARK 21Shares, WisdomTree, Invesco /Galaxy, VanEck, Fidelity, and Franklin Templeton. The parent company of Cboe BZX Exchange is Cboe Global Markets (formerly CBOE Holdings...

947d agody zhang#Ark 21Shares #Bitwise #ETF #Grayscale #Hashdex #SEC #Solana #WEB3 #WisdomTree #Ethereum #Fidelity #pays #Bitcoin #grayscale #financing #BlackRock

Will the “Evergrande Thunderstorm” destroy Bitcoin?

Is Evergrande about to kill Bitcoin? Source: Medium Author: New Realities Compiled and Edited by: Chen Zou is first S&P. Then there's Moody's. Then Fitch. And this morning it was J.P. Morgan. Now it's hard for anyone to know the big news about Evergrande's thunderstorm; the thunderstorm of the tens of billion dollars collateral problem has made many commentators think that Lehman's mess seems like a slack in comparison to this news. However, it is unlikely that the Chinese regulators will once again make a bailout similar to the one in history. If Evergrande goes bankrupt, it probably won't take over again. Bitcoin, on the other hand, may be the perfect solution to withstand shocks; it helps prevent a real blow to the Chinese economy. To understand the circumstances, we need to go back a few weeks ago, when Evergrande's lightning actually began to be detonated: Evergrande's debt involved more than 128 banks and 121 non-bank institutions. J.P. Morgan last week estimated that China Minsheng Bank had the biggest risk exposure to Evergrande. & nbsp; ——Reuters What is Evergrande, and how did this thunder begin? Evergrande is one of the world's largest real estate development companies and is listed in Hong Kong. The more formal name is Evergrande Group, a huge Chinese real estate company that has made Xu Jiayin the richest person in China. This national conglomerate is active in technology, automobiles, electric vehicles, consumer goods, tourism, and its core financial and real estate businesses. It is widely known for using policy guidance and extreme use of highly leveraged capital to obtain huge profits over the years. According to the last count, its total assets are just over $147 billion. The only problem is that the company's debt-to-asset ratio (leverage ratio) is 6. (Compliance requirements: The leverage ratio should be around 0.3) Naturally, the leverage ratio is too high. As a result, a large number of creditors are currently filing lawsuits. This sounds manageable in principle, but in the current domestic policy context of deleveraging and curbing housing prices, the problem has taken a turn. Why did Evergrande face a liquidity crisis? At the beginning of 2021, the Chinese government tightened credit and capped mortgage loans to prevent a nationwide, multi-billion yuan real estate bubble in its densely populated cities, which are full of young homeowners, but also families facing financial difficulties due to the coronavirus crisis. This adjustment directly affected real estate sales, but it had the opposite effect. Housing prices did not fall but rose. After 4 months, the government had to step in again to raise mortgage interest rates after housing prices jumped, further reducing the real estate sales rate. As for the market, investors at Evergrande are weeping. Evergrande Group's stock price fell 60% this year and is currently at a four-year low. All of this happened before the Chinese government asked Evergrande to comply with last month's one-time repayment of 40% of its debt. But apparently, the debt has not been repaid. CNBC reports that S&P began credit downgrading the company as early as August. On August 5, the rating agency downgraded Evergrande and its subsidiaries from “B-” to “CCC” because the enterprise group's “risk of non-payment” is expected to escalate, as asset freezes from various commercial parties have increased, indicating tight liquidity. “...

1796d agoChen.Zou#Tehter #PRC #Evergrande #J.P. Morgan Street #Bitcoin #USA

[Comparative Weekend Review] Tehter CTO: Despite the rise in price, Bitcoin's trading volume is still very low, investors should be cautious; Aave founder: DeFi front-end should switch to IPFS; number of Ethereum 2.0 validators exceeded 200,000, and the total value of pledged assets was close to US$14 billion

[Ethereum development environment tool HardHat released v2.5.0, adding support for the Ethereum London upgrade] In comparison news, Hardhat, a professional tool for the Ethereum development environment, released v2.5.0, adding support for the Ethereum London upgrade. Additionally, Hardhat v2.6.0 will be released on August 4, 2021, when London will launch on the mainnet. It will update Hardhat Network's default configuration values to better reflect the main network without any modifications. This would make London the default hard fork, but other defaults are subject to change. [Tehter CTO: Although the price of Bitcoin has risen, the volume is still very low, investors should be cautious] In comparison, Tehter CTO Paolo Ardoino tweeted that despite the price increase, the volume of Bitcoin is still very low, and investors should be cautious. Afterwards, quite a few netizens claimed that he was spreading fear. He explained, “My portfolio is mainly Bitcoin, so I'm not a bear, nor am I spreading fear; I just wanted to point out that the market is treacherous. [Founder of Aave: DeFi Front-End Should Switch to IPFS] Tweet the news after UniSwapLabs restricted access to tokenized stocks and derivative tokens on the grounds of a “changing regulatory environment”. Aave founder stani.eth tweeted that as the protocol becomes more decentralized and less reliant on the founding team, DeFi front-ends should actually switch to IPFS hosting to address current regulatory issues. [Musk tweets again to pursue Dogecoin] Compared to Twitter news, Tesla CEO Elon Musk tweeted a meme from the Matrix on Sunday, “Neo: What do you want to tell me, can I make a lot of money with Dogecoin? ; No, Neo, I want to tell you, Dogecoin is money.” [FTX founder: FTX's high leverage will be abolished, up to 20 times] In comparison, FTX founder Sam Bankman-Fried (SBF) tweeted that an effective security deposit system is an integral part of an effective economic system. However, there is a limit to everything. FTX has put a lot of effort into the margin system: it allows users to cross-deposit most assets on the platform. This means managing one wallet instead of hundreds; it also means a significant reduction in liquidations. Any margin system requires liquidation as a backup, but the ultimate goal is to do this as little as possible. At FTX, less than one percent of trading volume comes from margin calls, which is in stark contrast to some platforms, which are sometimes even greater than 5%. So, after many discussions, today, we're removing FTX's high leverage, up to 20x. [The number of Ethereum 2.0 validators has exceeded 200,000, and the total value of pledged assets is close to 14 billion US dollars] According to current official data, the number of Ethereum network validators has now surpassed 200,000 for the first time, and the amount of Ethereum contracts pledged has exceeded 6.4 million. Currently, the market value is close to 14 billion US dollars, accounting for 6.1% of the total circulation of Ethereum. V God recently held the Ethereum Community Conference (ETHCC) in Paris, said, “Decentralized finance is only compared to centralized finance; it has a larger gap compared to other centralized things. I'd like to see Ethereum not only being used in DeFi. More of a production driver, price should not be the main factor affecting Ethereum. It should only be the result of some kind of market utility. “Author: Chen Zou This article is from Bitpush.News. The source is required for reprinting...

1854d agoChen.Zou#Comparative weekend review

[Comparative Weekly Review] The crypto market rebounded in the middle of the week, and Tesla is likely to continue to accept Bitcoin payments; Rothschild Investments will increase 103,059 grayscale Bitcoin trusts and 13,817 grayscale Ethereum trusts; the US President's Financial Markets Task Force will issue stablecoin regulatory recommendations within the next few months

Over the past week, the crypto market stabilized its downward trend on Wednesday and began to strengthen slightly. The total global cryptocurrency market capitalization rebounded to $1.46 trillion on Saturday night. Bitcoin's recovery led this trend. As of press time, the price of Bitcoin was $34324.95, an intraday increase of 6.47 percent. In line with the trend of Ethereum, it has continuously recovered a large amount of losses. As of press time, the price of Ethereum was $2185.90, an increase of 8.28% during the day. On the institutional side, Rothschild Investments increased its holdings of 103,059 Grayscale Bitcoin trusts and 13,817 Grayscale Ethereum trusts. Venture capital firm Pillar VC's two funds raised $192 million, with investment priorities including the cryptocurrency sector. Tether's general counsel said Tether will release an audit report within a few months. The cloud division of the emerging stock exchange IEX Group is joining Pyth, a Solana-based data project. Celsius invests $54 million in carbon-neutral Bitcoin mining company Core Scientific. On the regulatory side, the US President's Financial Markets Task Force will issue stablecoin regulation recommendations in the next few months. The European Commission plans to ban anonymous cryptocurrency wallets. The US SEC chairman said that stock tokens and stablecoins backed by securities are subject to securities laws and must be reported to the SEC. The US National Credit Union Administration wants to learn about cryptography-related technologies such as DLT and DeFi. The UK Treasury launched a public consultation on the implementation of the FATF cryptocurrency “travel rules”. Furthermore, Musk stated that Tesla, SpaceX, and himself all own Bitcoin, and considering that Bitcoin is completing the energy consumption transition, Tesla is likely to continue to accept Bitcoin payments. [Weekly market: The crypto market is weak, Bitcoin falls below the $35,000 support level] On Monday, risk aversion spread in the market. Bitcoin fell below the $31,000 support level, Ethereum fell 5%, and the transaction price fluctuated above $1,800. The fall of the two major cryptocurrencies triggered a general sell-off of mainstream altcoins. With the exception of all stablecoins, many altcoins declined slightly. The price of BNB fell 7%, ADA fell 4%, and the market capitalization of XRP plummeted 5.96%, falling to 7th place in the market capitalization ranking. The crypto market continued to decline on Tuesday. Bitcoin fell below the $30,000 support level, and the price fluctuated above $29,000, with a daily decline of 3%. The European Commission is proposing to amend anti-money laundering rules, which may include banning anonymous crypto asset wallets, leading to a further decline in market sentiment. Ethereum fell below $1,800, a daily decline of around 2%, and BNB/ADA/XRP both fell by more than 5%. Institutional investors currently seem to be very cautious and risk aversion is spreading, according to a report released by Arcane Research on Tuesday. On Wednesday, the crypto market rebounded. At Wednesday's B-Word meeting, Musk boosted the bullish sentiment in the market by announcing that one of his companies, SpaceX, holds Bitcoin on its balance sheet. Musk also said that he personally owns Ethereum and Dogecoin. The statement led to a rise in cryptocurrency prices on Wednesday, Bitcoin rebounded 6% during the day, and the price returned above $31,000. Ethereum rebounded more than 8%, almost above $2,000. Dogecoin's price rose by about 9% to $0.213, then fell back to $0.188. The top ten cryptocurrencies all rose, with the exception of stablecoins, by more than 5%. The cryptocurrency market continued to rise on Thursday, with bulls dominating the market situation. Following Musk's positive comments on Wednesday, the Bitcoin price rebounded from the $30,000 support level and stagnated above $32,000 during the day. Analysts believe that the technical side indicates that there is limited upside, and the upward resistance is around $34,000. Ethereum broke through the $2,000 pressure level and rose more than 3% during the day. The top ten cryptocurrencies by market capitalization all rose. Among them, DOT had the highest increase, reaching 8.56%, and the trading price was around $13. The crypto market declined more and rose less on Friday. Bitcoin consolidated slightly above $32,000. The intraday volatility was less than 1%, and Ethereum rose slightly by 1%. With the exception of Bitcoin and Ethereum, the top ten cryptocurrencies all fell. Most altcoins declined, and AXS, the governance token of the Axie Infinity platform, doubled, with a daily increase of more than 50%, breaking through a record high of $38.6. The token's year-to-date increase has exceeded 5,700%. The past 2...

1854d agoChen.Zou#Weekly review of the comparison

Tehter CTO: Despite the rise in the price of Bitcoin, the volume is still very low, so investors should be cautious

Comparing the news, Tehter CTO Paolo Ardoino tweeted that although the price of Bitcoin has risen, the trading volume is still very low, and investors should be cautious. Afterwards, quite a few netizens claimed that he was spreading fear. He explained, “My portfolio is mainly Bitcoin, so I'm not a bear, nor am I spreading fear; I just want to point out that the market is treacherous.”

1855d agoChen.Zou#Tether #Bitcoin

Will there be a risk of thunderstorms due to the crazy increase in USDT?

Today, in an article about USDT, a retail trader is worried that USDT will be as low as 3.5 against RMB. Jiang Zhuoer, CEO of Libitt Mining Pool, once boldly predicted: “In the next few years, countless people will go bankrupt due to the USDT thunderstorm.” This prophecy is very eloquent, unsurprising, and the consistent style of pledging never to break it. What is the point of Jiang Zhuoer saying this? He believes that it is impossible for the US to tolerate a USDT outside of its control to help Iran settle such a thing. Since USDT is not regulated, but it also has a centralized entity that can be traced back, it will definitely be killed by the US government. Moreover, now USDT is already half-disabled; 800 million US dollars have been frozen. Under the US judicial system, this 800 million US dollars will not be released, which is basically equivalent to a suspended death sentence. According to an analysis of USDT data released by an anonymous source, from March 29, 2017 to January 4, 2018, USDT was added 91 times in total, and 48.8% of the probability of BTC surging occurred within two hours of entering the Bitfinex wallet after the increase in USDT was issued. Therefore, it was determined that there is a close relationship between the USDT issuance mechanism and the price of Bitcoin. [1] As a result, USDT has been frequently issued on various public chains recently, raising doubts about India's USDT Tether manipulating Bitcoin. Tehter has always been rumored that the funds in its reserve pool have been misappropriated by the associated exchange Bitfinex. Although it is now reported that the misappropriated funds have been returned, the assets anchored on its balance sheet are no longer 1 US dollar reserve corresponding to 1 USDT; the reserve pool is replaced by US dollars, cash equivalents, and third party loans. Tether is a true Federal Reserve expert! The above problems caused the USDT to fluctuate greatly in May 2019. The average amplitude of USDT against RMB was over 10%, and the market was in a state of turmoil. According to the conspiracy theory, this incident was created to bring other compliant stablecoins to the top. However, since USDT accounted for more than 90% of the stablecoin market at the time, it was difficult to replace it all of a sudden. Because the exchange holds a large amount of USDT, it can be said that it is in the same boat as USDT, all parties in the market joined forces to stabilize the price of USDT and avoid a bigger hurricane. After this USDT black swan incident, I really had lingering feelings about USDT. When I was trading cryptocurrencies for a short time, I did try to temporarily park on other compliant stablecoins, but I found that the trading depth of USDT was much better than other stablecoins, and the trading difference was relatively narrow. The transaction was successful instantly using USDT, and it was difficult for other compliant stablecoins to compete with USDT at all. According to recent media reports, USDT has surpassed XRP to take the third position in cryptocurrency market capitalization, leaving behind several other stablecoins. Is this because of users' usage habits, or is it that some members of the coin community are disdainful of the authorities? USDT lazily ignored all kinds of conspiracy theories accusing it of manipulating the rise of Bitcoin and ran wild on the way to increasing issuance. At present, the total market value of USDT has reached 6.8 billion. Of these, the value of USDT circulating on Ethereum is about 5.6 billion, accounting for more than 80%. (Image source: MYKEY, Coinmetric) From a technical perspective, USDT transfers using the Omni protocol on the Bitcoin network are quite expensive. This is probably one of Tether's original intentions to issue USDT on Ethereum, which claims to be blockchain 2.0. However, Ethereum 1.0 also has many problems. Currently, USDT accounts for 60% of Ethereum usage, but Ethereum often causes congestion due to popular applications. Compared to EOS, Ethereum's transfer fees are obviously expensive. Sun Yuchen cannot be blamed for molesting V God because of this. The transfer speed and fees of the counterfeit version of Ethereum are definitely faster and cheaper than Ethereum. Issuing USDT on different public chains is definitely needed to match the application on this public chain. After the 3.12 Black Swan incident, USDT increased its market value by nearly 2 billion US dollars in less than two months. In response to this, the coin industry is in turmoil. Conspiracy theories believe this is a precursor to USDT manipulating the Bitcoin price to skyrocket. According to ChainExt's “USDT OTC Discount Premium Index”, this year's premium rate is the most significant in the index's historical data. In particular, it reached a high premium rate of 8% on March 16, and only recently returned to a value close to $1, or even a negative premium. ChainExt USDT OTC Discount Premium Index (Image source: ChainExt) As we all know, during the biggest black swan event in 3.12 cryptocurrency history, the coin industry was in a frenzied state of interaction...

2284d agoClaire Wu#USDT #thunderstorm

Tsai Kai-lung: Bitcoin price is being manipulated! Do you still dare to hold it?

If the price of Bitcoin turns out to be manipulated, would you still dare to hold it? Do you still dare to invest in institutional investments? Are regulators still relieved to let ordinary investors join the digital currency investment boom? A recent study proving that the price of Bitcoin is being manipulated is about to be published in the Journal of Finance, a top academic journal in the financial world. It attracted a great deal of attention and was widely reported and discussed by the Wall Street Journal, CNBC, and Bloomberg. In this 119-page article, entitled “Is Bitcoin Really Unrelated to TEDA?” (IS BITCOIN REALLY UN-TETHERED?) In the academic paper, John Griffind, a finance professor at the University of Texas, and Amin Shams, a finance professor at Ohio State University, used blockchain and market data from March 2017 to March 2018 to arrive at the following main opinions through various rigorous methods and different perspectives: 1. In order to manipulate the Bitcoin price and fabricate false demand, TEDA spammed the stablecoin USDT to drastically raise the price of Bitcoin. The specific manifestation is that when the price of Bitcoin falls, or every time it falls to a key price position, TEDA issues coins drastically, and not all of these coins have increased due to actual demand. Moreover, all operations stemmed from a huge account, and it can be confirmed that this account single-handedly brought Bitcoin to an all-time high of $18,000. 2. USDT does not have sufficient reserves of 1:1 dollars. At the end of every month, in order to cope with audits and cover up bugs, TEDA sells Bitcoin in exchange for US dollars, and all operations originate from the same huge account. In their summary, the two professors pointed out that the price of the Bitcoin market is seriously manipulated and is not a fair and reliable market. Digital currency transactions require strict supervision, and it is inappropriate to launch derivatives and ETFs under such an unstable foundation. Among the hundreds of digital currency academic papers that Uncle Kai has read, this is probably the most powerful critical academic study on digital currency so far. I say it has the most weight because when evaluating the weight of an academic paper, the easiest standard is what level of journal it was published in. Journal of Finance is one of the top journals in the financial world. The requirements for publication of articles are extremely high, so the amount of money is sufficient. All finance professors have worked hard all their lives to get their papers published in the Journal of Finance. The USDT transaction tracking chart in the two professors' papers went viral in the digital currency research community. At the same time, it also caused an uproar in the traditional financial community, and received close attention from regulators. However, the digital currency industry appears to be particularly calm. There aren't many reports on this. Among the few media reports on this in the coin industry, two practitioners raised questions about the research. Ari Paul, chief information officer at BlockTower Capital, tweeted that the scholar's research was based on misunderstandings about how financial assets work. Samson Mow, chief strategy officer of cryptographic technology company Blockstream, also said in an interview with the media that the paper's premise was ridiculous. The two people don't believe that a giant whale account can manipulate the market, but they can't give any reason. Compared with the scholar's strict and meticulous reasoning, their objections are extremely pale and weak. After reading through the full article, Uncle Kai believes that the hypotheses and reasoning of the two scholars were flawed, and that the methods they used were not fundamentally wrong. The digital currency industry clearly underestimated the long-term and far-reaching impact of this paper, as well as the dramatic changes that could cause the industry to collapse. The topic of “market manipulation” is sensitive to digital currencies represented by Bitcoin. It uses blockchain technology based on consensus generated by algorithms to get rid of the shortcomings of central control in centralized systems. Through 11 years of development, digital currencies have begun to gradually penetrate the mainstream financial system, and regulators in various countries are studying how to adjust to meet the challenges posed by digital currencies. The reason why the regulatory authorities have been slow to give the green light to digital currencies is that they are worried that the digital currency market will be manipulated and become a tool for certain institutions and individuals to plunder people's wealth, and that the digital currency industry will become a leek farm. Compared to other digital currencies, Bitcoin is more thorough in decentralization, so it is gradually being accepted by the regulatory authorities and traditional financial institutions, allowing open transactions in regulated futures markets. This decision mainly takes into account that futures customers are institutions, which have strong risk identification and tolerance. However, for ETFs aimed at individual investors, US regulations have rejected more than 10 related applications. The central bank of China even ordered in 2017 that all publicly traded digital currencies are illegal. Manipulating the market is... for very few people

2479d ago蔡凯龙#cryptocurrency #blockchain #National regulatory policies #Bitcoin

[Weekly review] Bitcoin fell after breaking $5,600; Bitfinex and Tether were charged by New York prosecutors; CFTC chairman says Bakkt Bitcoin futures were delayed due to plans to keep Bitcoin on its own

[Bitcoin fell after breaking $5,600, and Tether was accused of triggering the stablecoin market] Over the past week, the cryptocurrency market experienced ups and downs. First, during the week, Bitcoin broke through 5,400 US dollars and 5,600 US dollars, the highest point in 5 months. Its 50-day EMA broke through the 200-day EMA, ushering in a “gold cross”, which brought confidence to the market. The last time Bitcoin's 50-day MA broke through the 200-day EMA, it ushered in a two-year growth period, rising from $300 to nearly $20,000. Meanwhile, news of charges against Tether and Bitfinex on Friday caused the overall decline in the cryptocurrency market. Tether fell to 0.99 US dollars, while the prices of stablecoins that compete with Tether, such as USD Coin, TrueUSD, and Pax Standard Stablecoin, continued to rise. [Bitfinex and Tether respond to New York prosecutors' accusations, Tehter's price fell to around $0.99] On April 25, news from the US Attorney General's Office (NYAG) said that cryptocurrency exchange Bitfinex used funds from stablecoin operator Tether to make up for losses of up to 850 million US dollars. Bitfinex and Tether responded to this, saying that the accusations were full of “false assertions.” In news released on Thursday, New York Attorney General Letitia James said she had obtained a court order requiring iFinex, which operates both Bitfinex and Tether, to stop breaking New York laws and defrauding New York residents. [CFTC Chairman Says Bakkt Bitcoin Futures Are Delayed Due to Plans to Keep Bitcoin by Itself] US Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo hinted at the reason why Bitcoin futures on the cryptocurrency exchange Bakkt have been slow to launch. According to its comments, part of the problem with Bakkt is that the company plans to keep the bitcoin itself and carry out clearing transactions through its parent company's clearing house. As a result, the application proposal may be problematic on two fronts. One is the issue of regulatory jurisdiction, and the other is that it may be opposed by other clearing house participants. [Societe Generale issues $112 million in bonds on the Ethereum blockchain] According to a report by Coindesk.com, French financial services giant Societe Generale (Societe Generale) has issued bonds worth approximately $112 million in the form of secure tokens on the Ethereum public blockchain. The investment bank announced that it will use OFH tokens to represent €100 million in secured bonds, a type of guarantee backed by specific assets but still on the issuer's balance sheet. The pilot was launched by Forge, a blockchain subsidiary of Société Générale. Société Générale said that PwC provided consulting services for the technology project, and French law firm Gide Loyrette Nouel acted as legal adviser. [Samsung develops an Ethereum-based blockchain mainnet and may issue Samsung Coin] According to a report by Coindesk.com, South Korean electronics giant Samsung is developing its own blockchain network and may develop its own tokens in the future. According to reports, a source “familiar with Samsung's internal affairs” said the company's blockchain working group (which is part of its wireless division) is building an Ethereum-based blockchain mainnet. However, this work is still in the “internal experiment” stage. The source said, “Currently, we are considering using private blockchains, but we have not confirmed it, so public blockchains may also be used, but I think the end will be a combination of public blockchains and private blockchains.” [India is enacting legislation to ban cryptocurrencies such as Bitcoin] According to the Economic Times, the Indian government is preparing a draft bill that will ban cryptocurrencies such as Bitcoin, which will be a fatal blow to the future of the country's crypto industry. The report said that the draft, called the “Prohibition of Cryptocurrency and Regulation of Official Digital Currency 2019 Act,” has been distributed to various relevant government departments. [Wall Street Journal: Japan's SoftBank Group founder Sun Zhengyi lost 130 million US dollars in Bitcoin] According to the “Wall Street Journal” report on Tuesday, Japanese billionaire and SoftBank Group (SoftBank) founder Masayoshi Son (Masayoshi Son) invested heavily in Bitcoin during the 2017 digital currency bull market, and he personally lost more than 130 million US dollars in subsequent sales...

2673d agoLiang#Weekly review of the comparison

[Comparative to Zaobao] Bitfinex Tether is being charged by New York prosecutors; the overall cryptocurrency market is falling; India is enacting a law to ban cryptocurrencies

At 7:30 in the morning, blockchain news you need to know: [Tether is accused of causing the market to fall, and Bitcoin fell below 5,300 dollars] In the past 24 hours, New York prosecutors accused Bitfinex and Tether of causing changes in the cryptocurrency market. In addition to Tether being sold off and falling to $0.99, the three major players of Bitcoin, Ethereum, and XRP and more than 90% of cryptocurrencies fell one after another. Among them, Bitcoin fell below 5,300 US dollars, and Ethereum fell below 160 US dollars, only Coin, Prices of stablecoins that compete with Tether, such as TrueUSD and Pax Standard Stablecoin, continue to rise. [Bitfinex and Tether respond to New York prosecutors' accusations, Tehter's price fell to around $0.99] On April 25, news from the US Attorney General's Office (NYAG) said that cryptocurrency exchange Bitfinex used funds from stablecoin operator Tether to make up for losses of up to 850 million US dollars. Bitfinex and Tether responded to this, saying that the accusations were full of “false assertions.” In news released on Thursday, New York Attorney General Letitia James said she had obtained a court order requiring iFinex, which operates both Bitfinex and Tether, to stop breaking New York laws and defrauding New York residents. [India is enacting legislation to ban cryptocurrencies such as Bitcoin] According to the Economic Times, the Indian government is preparing a draft bill that will ban cryptocurrencies such as Bitcoin, which will be a fatal blow to the future of the country's crypto industry. The report said that the draft, called the “Prohibition of Cryptocurrency and Regulation of Official Digital Currency 2019 Act,” has been distributed to various relevant government departments. [Binance CFO says Zuckerberg is “arrogant” and wants to turn Facebook into a “closed blockchain ecosystem”] According to CCN reports, Wei Zhou, chief financial officer of cryptocurrency exchange Binance, called Mark Zuckerberg, CEO of social giant Facebook, “arrogant”. The latter is launching blockchain and cryptocurrency projects in order to crowd out other crypto companies and eventually gain dominance in the field. Zuckerberg is considered a cryptocurrency proponent, trying to experiment with blockchain on Facebook and said he might launch his own digital currency. Industry insiders believe that having large multinational companies like Facebook testing blockchain use cases would provide more legitimacy to this emerging industry. [Bitfinex withdrew $89 million from a cold wallet, and the reason for the withdrawal has not been publicly explained] According to Cointelegraph, the cryptocurrency exchange Bitfinex has withdrawn nearly $90 million worth of funds from its cold wallet. Bitfinex, the same owner as Tether (USDT), has yet to publicly explain the reason for the withdrawal, and both companies are facing a new round of potential loss of funds. According to the online transaction monitoring resource Whale Alert, Bitfinex has transferred large amounts of Bitcoin and Ether, as well as a small amount of other coins, to unknown addresses in the past 12 hours. [“Zandy's Story”: Document Reveals MakerDAO Stablecoin Project's Core Team Split] According to a report by Coindesk.com, it obtained a 24-page, 10,000-word document called “Zandy's Story” (see attachment at the end of the article). The document describes the complete history of MakerDAO. MakerDAO is an Ethereum project famous for creating the stablecoin DAI. According to the documentation, “Currently, the Maker development team is experiencing the toughest challenge the project has seen in 3.5 years of implementation.” The 24-page document also clarified the core conflict of the “Purple Pill Incident” that had previously come to light. [Third-party audit of Ethereum's ProgPow code received funding approval] According to news released by Ethereum developers, funding for a third-party audit of Ethereum's controversial Progressive Proof-of-Work (ProgPoW) code has been approved. Since February of this year, developers have been raising the funds needed to support third-party audits of the ProgPow code. Today, at its weekly meeting, it announced that it has raised 50,0 through crowdfunding donations from the open source bounty platform Gitcoin and other sources from the community...

2674d agoLiang#Comparing Zaobao

Bitfinex, Tether respond to New York prosecutors' allegations, Tehter prices fall to around $0.99

On April 25, news from the New York Attorney General's (NYAG) office said that cryptocurrency exchange Bitfinex used funds from stablecoin operator Tether to make up for its losses of up to $850 million. Bitfinex and Tether responded to this, saying that their accusations were full of “false assertions.” In news released on Thursday, New York Attorney General Letitia James said she had obtained a court order requiring iFinex, which operates both Bitfinex and Tether, to stop breaking New York laws and defrauding New York residents. Letitia James said an investigation by her department showed that iFinex “covered up a loss of $850 million, which included customer funds and company funds.” She also said, “New York State is in a leading position in requiring virtual currency businesses to operate in accordance with the law. We will continue to stand up for investors and give them justice when they are misled or deceived by these companies.” According to the statement, Bitfinex sent $850 million in customer and company funds to payment processor Crypto Capital, and then used funds from Tether reserves to cover the deficit, but neither the loss situation nor Tether's capital flow were disclosed to the customer. Later the same day, Bitfinex issued a statement saying, “The New York Attorney General's court documents were maliciously written and are full of false assertions, including what it says the company's “loss” of US$850 million in Crypto Capital. Instead, we've told you that these crypto funds aren't lost; they're just collateralized and kept. We have been actively working to exercise our right to remedy and release these funds. Regrettably, the New York Attorney General's Office seems intent on undermining our efforts.” It also stated that Bitfinex and Tether have “fully cooperated with the New York Attorney General's Office” because both companies will cooperate with all regulators. And the New York Attorney General's Office should “focus on helping and supporting our recovery efforts.” The spread of this news affected both Bitfinex and Tether to varying degrees. According to comparative data, the price of Tether fell to around $0.99, down 1.57% in 24 hours. Image source: pixabay Author Liang CHE This article is from Twitter. The source must be indicated for reprinting...

2675d agoLiang#cryptocurrency #custodial #stablecoins #proceedings

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