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Month: November 2022

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Russia’s Billionaire Recent Crypto Tycoon To Die Mysteriously

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Another well-known crypto tycoon has passed away inexplicably, bringing the total of dubious crypto-related deaths to four in less than five months.

 

According to the Daily Mail, Russian millionaire Vyacheslav Taran was killed when the helicopter he was riding in crashed close to Monaco. The Mail claims that the accident occurred in good weather and that a second, unnamed prospective passenger abruptly canceled their trip.

According to prior reports in Ukrainian media, Taran, a co-founder of the trading and investing platform Libertex and the foreign currency trading group Forex Club, had connections to the Russian Foreign Intelligence Service and had used numerous crypto operations to launder Russian money.

 

The death rally of crypto is continuously increasing.

 

Taran is the most recent cryptocurrency-focused businessman to pass away mysteriously in recent months.

 

The founder of Hong Kong-based digital asset company Amber Group, Tiantian Kullander, passed away unexpectedly in his sleep just last week. The 30-year-old had grown the business into a “fintech unicorn” worth $3 billion.

 

MakerDAO creator and cryptocurrency millionaire Nikolai Mushegian reportedly drowned in Puerto Rico a month before Kullander’s passing. The I.T. prodigy was dealing with mental health issues, and just hours before he passed away, he tweeted many messages with a conspiracy theme that predicted his doom.

 

One tweet claimed that the CIA, Mossad, and pedo elite ran a sex trafficking entrapment and blackmail network out of Puerto Rico and the Caribbean islands. “They’re going to use a laptop that my ex-girlfriend, a spy, planted to frame me. They’ll kill me by torturing me.

 

According to reports, the 29-year-old was discovered with his wallet and clothes on.

 

The notorious Romanian crypto millionaire Mircea Popescu, sometimes dubbed “the father of bitcoin toxicity,” perished in Costa Rica in July 2021, shocking the cryptocurrency sector.

 

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News

The Crypto Winter Claims Bitfront Exchange As Its Recent Loss

The Japanese social media platform Line’s cryptocurrency exchange, Bitfront, is closing after failing to withstand market unrest.

 

The US-based exchange’s decision comes as the market for digital assets is struggling to deal with the financial contagion caused by the stunning collapse of another cryptocurrency exchange, FTX.

 

According to a statement on its website on Monday, trading on Bitfront will finish before the end of the year, and withdrawals will stop on March 31, 2023.

 

While separating its decision from FTX’s collapse, the business claimed it had been unable “to surmount the hurdles in this rapidly-evolving industry.”

 

Please be aware that this decision is unrelated to recent concerns over some exchanges accused of misbehavior, it says.

 

In 2020, Line launched Bitfront. The local blockchain ecosystem and token will now be the main focus. It closed the exchange on the same day cryptocurrency lender BlockFi declared bankruptcy.

 

Zac Prince and Flori Marquez started BlockFi in 2017, which provided loans to clients using crypto assets as security.

 

BlockFi’s issues were directly related to FTX, unlike Bitfront’s. Earlier this month, the lender stated that withdrawals had been suspended due to “substantial exposure” to FTX and its sister hedge fund Alameda. On November 11, FTX, Alameda, and other affiliates declared bankruptcy.

Just after filing a case for Chapter 11 bankruptcy, BlockFi filed a lawsuit against the crypto company FTX. CEO Sam Bankman demanded that he turn over collateral that BlockFi titled as its own.

 

Digital currency prices have fallen. BTC’s most significant cryptocurrency has dropped about 65 percent this year. According to CoinDesk, it was priced at around $16,490 on Tuesday.

 

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News

Can BTC Crash to $10,000? Market Expert Ponder In

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Investors are already speculating about what will happen to Bitcoin as the crypto bear market worsens because the FTX contagion is still active.

 

Can Bitcoin fall any further?

Market analysts, such as co-founders of Mobius Capital Partners Mark Mobius and BitMEX Arthur Hayes, claimed that the next goal price for Bitcoin is $10,000, which, if fulfilled, will further hurt the struggling business.

 

Even weeks after the FTX cryptocurrency exchange collapsed, shockwaves can still be felt. On Monday, loan company BlockFi became the latest victim of the virus.

Concerns of further market casualties intensified as other prominent organizations, including Genesis Global and Gemini, came under growing pressure.

 

However, the destroyed trust in the whole crypto business was one of the most significant blows recent events inflicted. Naturally, this has had a detrimental effect on the price of Bitcoin (BTC), which has fallen from a high of over $21,000 at the start of the month to a low of just over $16,000.

 

But is everything bleak for the most popular cryptocurrency in the world?

 

After the FTX fall, Bitcoin appears to have found support around $16,000. CoinGecko’s chief of research Zhong Yang Chan told Decrypt, “We are carefully watching the aftermath from FTX—specifically, the probable Genesis bankruptcy and further ripple effects from that.

 

According to Yang Chan, another monitored area is a developing situation of BTC miners selling their reserves for cash.

 

He added that on a broader scale, the consistently challenging macroeconomic platform and geopolitical conflict in Ukraine might cause volatility for Bitcoin in the coming time.

 

The Head of Research at IntoTheBlock, Juan Pellicer, seems more optimistic and said that a quick drop in the $10,000 to $12,000 level appears extreme unless an adverse catalyst arises.

 

 

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News

Silvergate Refuses Latest FUD, Confirms Exposure to BlockFi

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Silvergate Capital has proven to be quick to keep itself away from the current-bankrupt lender BlockFi.

 

Silvergate Capital, an institutional crypto service provider, has confirmed its slight exposure to the suffering BlockFi crypto lending company.

 

On November 28, Silvergate announced that it has a deposit relationship with BlockFi, limited to below $20m of its entire deposit from all the online asset customers.

 

As per the company’s revenue report, all deposits were estimated at $13.2bn in quarter 3.

 

It further added that BlockFi was not a defender of the collateralization of its Bitcoin, and the company has no investment in BlockFi.

 

CEO of Silvergate Alan Lane said that the digital asset market is consistently transforming, and he wants to reiterate that platform of Silvergayte was built to manage stress and volatility.

 

Silvergate has been a victim of FUD or false and misleading statements.

On November 29, Walter Bloomberg, the technical analyst and Swiss Investor, said to his 622 thousand followers on Twitter that Silvergaet Capital company had to lend money to BlockFi but could not provide any proof.

 

Others added that the FUD fest with many tweets over the last week. But most of them had no specifics.

 

On November 28, according to Cointelegraph, BlockFi was the latest FTX contagion victim to file a case for chapter 11 bankruptcy.

 

The filing report stated that BlockFi has over 10000 creditors, and they have assets between $1 bn and $10 bn. The recent crypto bankruptcy appears to have fuelled the latest round of FUD denied by Silvergate.

 

Earlier in November, the article ran by WSJ claimed that the firm was suffering from contagion fear. The crypto bank has experienced its stock price falling this year, but this has been the case for publically listed crypto firms.

 

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Featured News

Crypto Company Blockfi Files for Bankruptcy After FTX Failure

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In the United States, the crypto company has BlockFi has filed for bankruptcy because of the consistent dramatic failure of FTX throughout the crypto industry.

 

The firm had already stopped most of the activities on its platform, citing significant exposure to FTX.

 

According to BlockFi, it was looking for court protection to rearrange and manage its debts and recover investors’ money.

 

BlockFi received a rescue contract from FTX earlier in 2022 because cryptocurrency values plunged.

 

However, FTX ran into trouble in November as people quickly pulled money from the platform for not trusting its finances.

 

Sam Bankman-friend, the former boss and crypto king, resigned, and the company declared bankruptcy. The FTX collapse shook industry trust and drew scrutiny from its regulators.

 

BlockFi offered financial services, including loans supported by crypto assets of borrowers, that described the failure of FTX as shocking.

 

BlockFi said in a court filing that it owed money to over 100000 creditors. It listed down crypto exchange FTX as the second-largest credit, with about $275 million owned on loan extended in 2022.

 

The company also owes $30 million to the United States financial regulator, which, earlier in 2022, found it had fallen to register the products and misguided the public regarding its portfolio and lending activity risks.

 

According to the company, the case filing would let the company develop a reorganization plan to maximize values for all shareholders, including their valued clients.

 

The firm said it had about $257 million in cash.

Categories
Crypto

Lucky Block’s Cryptocurrency Casino and Sportsbook will launch, and the LBLOCK Price is expected to Skyrocket

LBLOCK token price is expected to soar after the opening of the crypto-powered Lucky Block Casino and Sportsbook, which is supported by a fresh marketing campaign.

 

The $58 billion online gambling market is expected to grow substantially by 2021, and the crypto startups are the main industry disruptors.

 

One of the most lucrative segments of the cryptocurrency market is undoubtedly gambling, and Lucky Block has entered the fray with the goal of dominating the market.

 

With sponsorships of high-profile boxers like Florian Marku, and Savannah Dillian Whyte, Marshall, Lucky Block, which just recently began and has already made ripples in the gaming industry, wants to compete head-to-head with the most well-known figures in the present crypto gambling scene.

 

To be eligible for the LBLOCK $10,000 Airdrop, which will launch as part of a marketing campaign in December users merely need to deposit any amount.

 

High rollers will also receive additional bonuses and 15% payback on any losses incurred in the first week following enrollment.

 

Without even taking into account the popularity of other cryptocurrency firms like Trust Dice and Roobet, market leader Stake.com is thought to be worth roughly $1 billion.

 

Custom Industry Insights predicts that by 2030, the addressable global market for online betting will have tripled in size, reaching $145.6 billion. In this market, Lucky Block seeks to Stake.com’s outer perform achievements.

 

A sign of the growing interest in Lucky Block’s new casino and sportsbook product is the fact that it is already prominently displayed on several well-known bitcoin casino review websites.

The marketing effort will include online advertising targeted at leading crypto gaming sites and other sources, targeted social media campaigns, and the sponsorships of elite boxing talent already mentioned.

 

As word of the debut of the casino and sportsbook spreads among market participants, analysts’ valuations of LBLOCK, the native token of the Lucky Block platform, are expected to be subject to revision.

 

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Crypto

As XRP Rises 8% in 7 Days, What will the Price of XRP Be? Can it get any Higher?

On Monday, the price of Ripple’s XRP coin plunged significantly along with the decline in the overall cryptocurrency markets due to risk-averse macro movements.

 

According to CoinMarketCap, XRP/USD was last trading around $0.39, down about 3.4% over the previous 24 hours.

 

With a market value decline of just about $1.5 billion, this brings the loss of cryptocurrency’s since last Friday to almost 7.0%.

 

After failing to overcome significant resistance in the $0.41-42 range, represented by the highs from July and the lows from late September/mid-October, XRP’s upward momentum stalled last Friday.

 

The abrupt collapse of cryptocurrency exchange FTX earlier this month has continued to put pressure on the coin, along with a large portion of the rest of the market.

 

Prior to FTX’s abrupt fall, which was caused by fast client withdrawals that showed that it had allocated exchanges to its users’ deposits improperly, XRP had been trading in the top $0.40s/$0.50 area.

 

Despite the aforementioned, XRP has increased by over 8% since last week. Even though it was lower and was able to hold onto its 200 DMA, above than last week.

 

The cryptocurrency has increased impressively over 23% from its previous monthly lows of $0.31, which were recorded immediately following the FTX fiasco.

 

That may be partially due to technical purchasing as well as the general recovery of cryptocurrency markets from their post-FTX lows.

 

After all, a crucial level of support for XRP is at $0.30.

 

The current lawsuit’s developments will continue to be closely watched by traders, who may be on the lookout for new catalysts for XRP price movement.

 

In addition, traders will be keeping an eye on the effects of the FTX crash, which led to BlockFi’s bankruptcy filing on Monday.

 

Macro events might also give XRP a boost. In recent weeks, sentiment in traditional risk assets, such as global equities, has risen amid signals that US inflation has undoubtedly reached its peak, and the US Federal Reserve intends to slow the rate of future rate increases.

Categories
Crypto

Iran-Related Disputes between Cryptocurrency Exchange Kraken and the US Treasury are Resolved

The Office of Foreign Assets Control of the US Treasury Department announced in a statement on Monday that it has achieved an agreement with the cryptocurrency exchange Kraken regarding serving Iranian customers.

 

In order to resolve any civil potential liability for alleged violations on sanctions of Iran. Kraken consented to pay $362,159.

 

Additionally, Kraken consented to spend $100,000 putting additional sanctions compliance controls into place.

 

OFAC claims that Kraken allowed consumers in Iran to conduct transactions on its platform by failing to deploy the necessary geolocation technologies, such as an automatic IP address filtering mechanism.

 

In an email to CoinDesk, Kraken’s chief legal officer, Marco Santori, stated that the company is “pleased to have rectified this situation, which we identified, voluntarily self-reported, and promptly corrected.”

 

Santori continued, “Kraken has already had numerous actions to strengthen our compliance measures before engaging into this resolution.

 

This entails boosting training and accountability, extending our compliance team, and strengthening control systems further.

Categories
Crypto

Despite FTX’s Demise, Centralized Crypto Exchanges will remain Powerful, predicts JPMorgan

According to JPMorgan, despite the fact that several native crypto experts projected a trend toward platforms of decentralization in the wake of FTX’s failure, centralized platforms will continue to control global digital trading volumes assets.

 

The bank’s strategists, under the direction of Nikolaos Panigirtzoglou, predict that institutional participation will be limited by decentralized platforms’ pooling asset, order-traceability and slower transaction characteristics.

 

As additional barriers to widespread adoption, the analysts listed the DEXs’ lack of a limit order/stop loss feature, their reliance on oracles price that pull data from platform of centralization exchanges, their susceptibility to hacking and exploitation, the requirement for collateralization, and the systemic dangers from planned liquidations.

 

Decentralized exchange activity has increased since Sam Bankman-centralized Fried’s exchange FTX failed. According to DefiLlama data, this month’s amount of money exchanged on decentralized platforms rose 68% over the previous month to a record $97.22 billion.

 

Many observers interpreted that as the start of a long-lasting movement to democratized finance and an indication of declining confidence in centralized exchanges.

 

JPMorgan acknowledges the recent increase in DEX trading volume, but does not believe it to be the beginning of a significant long-term trend.

 

The overall volume of crypto trading has seen a minor increase in the percentage of DEX in recent weeks, but the bank’s analytics team asserted that this was more likely due to the recent decline in prices of cryptocurrency and the liquidations and deleveraging that followed the FTX collapse.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

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