Digital Currency Group’s Objection: DCG, the parent company of bankrupt lender Genesis, objects to the proposed bankruptcy plan. The plan allegedly violates the Bankruptcy Code by overpaying customers. This favors a select group of creditors and strips DCG of economic and governance rights. Overpayments and Violation of Bankruptcy Code: DCG argues that the plan pays…
Background Synthetix (SNX) founder Kain Warwick believes US regulators should have stayed away from initial coin offerings (ICOs). SEC’s Response to ICOs Warwick criticizes the U.S. Securities and Exchange Commission’s (SEC) response to ICOs as “schizophrenic and bumbling,” leading to a worse outcome for the sector. ICOs and Retail Investors ICOs were used to raise…
Crypto trader Jason Pizzino believes the altcoin market is nearing a bottom and poised for a significant upswing in the coming months. In a recent strategy session, he told his YouTube subscribers that the total altcoin market cap has flipped a key resistance level into support, indicating a potential bull run later this year. Key…
Jerome Powell Warns of Looming Debt Crisis Federal Reserve Chair Jerome Powell has issued a warning to the United States government, cautioning that the country’s path of relentless debt accumulation is unsustainable and poses a significant risk to the stability of the economy. In an interview with Scott Pelley on 60 Minutes, Powell emphasized the…
Key Points: Veteran trader Tone Vays anticipates a bullish rally for Bitcoin (BTC) if it consistently closes above $43,500. Vays believes that breaking above this resistance level indicates a potential breakout from the current trading range. A rally to $48,000 is possible, with support from the 128-day moving average at $40,000. Vays predicts a surge…
CEO Manipulated Trading Volumes and Created False Deposits A South Korean cryptocurrency exchange CEO, Jinwook Shin, has been sentenced to seven years in prison for operating a sophisticated fraudulent scheme totaling $7.6 million. The CEO of Bitsonic, a major exchange, manipulated trading volumes using the exchange’s funds to inflate the price of its self-issued digital…
Early Entry and Rapid Growth In 2019, Vast Bank partnered with Coinbase and SAP to offer crypto trading directly through its checking accounts. By 2021, the launch of the “Vast Crypto” app allowed customers to buy, sell, and hold cryptocurrencies. This innovative approach reportedly led to a 50% growth in Vast’s retail customer base in…
Insider Testifies Against Terra Founders Terra founder Do Kwon and co-founder Shin Hyun-Seong are facing legal battles two years after the collapse of their crypto project. An insider, identified as “Lee,” testified against the co-founders in a South Korean court. Lee’s Testimony Lee, who worked on developing the technology for Terra, claimed that he realized…
Janet Yellen Addresses Crypto Risks to Congress US Treasury Secretary Janet Yellen is scheduled to address Congress today, focusing on the potential risks the crypto industry poses to the financial system. Yellen’s Prepared Remarks Yellen will emphasize the need for legislative action, specifically regarding the regulation of stablecoins and the spot market that are not…
Analyst Predicts Altcoins to Double in Value Crypto analyst Michaël van de Poppe believes altcoins are poised for a significant rally in the coming months. He analyzed the TOTAL3 chart, which tracks the total market cap of all cryptocurrencies excluding Bitcoin and Ethereum, and identified a bullish higher low setup at around $450 billion. Van…
