NFT Trader in Legal Trouble for $13M Tax Fraud Related to CryptoPunk Profits

A CryptoPunk trader has been sentenced to six years in prison for making $13 million in profits. The trader was found guilty of engaging in illegal cryptocurrency trading activities. The authorities cracked down on the trader after discovering the massive gains made through fraudulent means. The CryptoPunk trader used deceptive tactics to manipulate the market [...]

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AltSignal presale 53% sold out as investors eye hot AI-related investment opportunity

Are you looking to invest in a new crypto project? AltSignals’ token presale is 53% sold out, with interest in the leading trading signals project growing as it nears the launch of its new Artificial Intelligence (AI)-powered algorithm.  And with experts predicting that the crypto market is on the verge of a new bullish cycle, …

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Moody’s Warns of Potential Financial Disruption Spillover Beyond US Banking Sector

Roughly ten days ago, the credit agency Moody’s Investors Service downgraded the U.S. banking sector from “stable” to “negative.” In a recent update on Thursday, the company stated that there is still a risk to the U.S. economy. The managing director of credit strategy at Moody’s explained that the country “will be unable to curtail [...]

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Clamor For ChatGPT Sends AI-Related Crypto Coins Soaring

Following the hype around openAI’s ChatGPT, AI cryptocurrencies have become a popular investment as the latest blockchain subculture to take the spotlight. Investors are now [...]

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Silvergate Capital shares plunge nearly 50% amid crypto-related negativity | Invezz

Silvergate Capital Corp (NYSE: SI) shares dropped sharply on Thursday, with intraday declines as of midday more than 47% to see the crypto-focused bank’s stock trade around $11.52. Silvergate shares fall as investors withdraw $8 billion in deposits Losses for crypto-friendly bank’s shares followed the company’s fourth-quarter report before markets opened. Per the update, Silvergate ... Read more

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CFTC: 20% of enforcement actions in FY 2022 crypto-related

The Commodity Futures Trading Commission (CFTC) has released its enforcement actions report for the Fiscal Year 2022, detailing some of the top actions brought against crypto firms over the past year.

According to the report, CFTC obtained orders against 82 companies and others during the year, with 18 of these enforcement actions digital assets-related, the regulator said.

In total, the commodities markets’ watchdog imposed more than $2.5 billion in fines, 20% of which were crypto-related.

In Fiscal Year 2022, CFTC’s Division of Enforcement filed actions against 18 crypto and crypto-related firms, including crypto exchange Bitfinex and stablecoin issuer Tether.

As per the report, the CFTC’s enforcement unit charged Bitfinex with engaging in illegal, off-exchange crypto retail commodity transactions involving US persons. The exchange reportedly also offered the services of a futures commission merchant (FCM) illegally.

Tether Holdings Limited, the issuer of USDT was fined $41 million over false or misleading statements related to its stablecoin.

CFTC also brought enforcement actions against Digitex Futures over price manipulation and set a precedent by charging a decentralised autonomous organisation (DAO). Also sued in 2022 was crypto exchange Gemini, with the action relating to a proposed bitcoin futures contract.

Chairman Rostin Behnam.said:

“This FY 2022 enforcement report shows the CFTC continues to aggressively police new digital commodity asset markets with all of its available tools. I personally thank the Enforcement Division’s hardworking and dedicated leadership team and staff.”

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Valkyrie to liquidate and delist Bitcoin-related ETF

Valkyrie Funds, one of the leading fund managers in the digital assets space, is set to liquidate and delist one of its Bitcoin-related exchange traded funds (ETFs).

The US-based ETF provider looks to offer access to opportunities in the digital asset economy via traditional investment vehicles, with several exchange-traded funds available for investors.

However, as announced on 11 October, the company is liquidating one of the funds. This follows a decision by the board to discontinue the Valkyrie Balance Sheet Opportunities ETF, which had traded on the Nasdaq Exchange under the ticker VBB.

As an actively managed ETF, VBB is invested in innovative public companies that have exposure to bitcoin. Investors had indirect exposure to the cryptocurrency.

According to the firm, liquidation of the ETF is part of Valkyrie’s review of the available products, whose goal is to ensure the company meets its clients’ demands.

“Shareholders may sell shares up until the end of the trading day on October 28, 2022, understanding that a decision to close this fund will not impact any potential brokerage fees due as a result of said transaction.”

The liquidation will happen on 31 October, 2022, with the delisting from the Nasdaq to follow.

As per Valkyrie, shareholders who’ll still be holding shares of the liquidated ETF will receive a cash distribution equivalent to their shares’ net asset value (NAV).

Valkyrie Funds launched its Valkyrie Bitcoin Strategy ETF (BTF) in October 2021 after receiving regulatory approval from the US Securities and Exchange Commission (SEC). It also unveiled the Valkyrie Bitcoin Miners ETF (WGMI) in February this year.

But like other companies looking to offer a spot Bitcoin ETF, Valkyrie has yet to get its its proposal approved by the SEC.

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US SEC To Open New Office Dedicated to Crypto-Related Filings

The new crypto offices, which are under the SEC’s Division of Corporation Finance, will be tasked with reviewing disclosures for publicly traded firms. (Read More)

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NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge – Markets and Prices Bitcoin News

The past week’s non-fungible token (NFT) sales have dropped again, following the last few weeks of diminishing volumes. Across 14 blockchains that support NFTs, sales have slipped 29.46% lower than the week prior. Despite the drop in NFT sales volume, NFT sales stemming from the Arbitrum network spiked by 97.53% this week. NFT Interest and […]

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Indian PM appeals for “global cooperation” to solve crypto-related issues

Indian Prime Minister Narendra Modi has once again called for “global collaboration” to deal with the challenges posed by crypto assets. The PM made a similar statement at the Sydney Dialogue last November, calling all democratic nations to make a collective effort in regulating the nascent industry. This time, however, Modi spoke at the 2022 […]

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Chinese provincial official expelled for violating crypto mining ban

A former CCP official from Jiangxi province allegedly abused his administrative powers to undermine the political principle of “two maintenance,” which relates to the notion of firmly maintaining the authority of the party.

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Google Trends Data Shows Bitcoin Search Interest Surged This Week Amid 10-Month Price High

According to worldwide data from Google Trends, the search term “bitcoin” has reached a score of 93 out of 100 in the last seven days. Additionally, the price of bitcoin rose above the $30,000 range for the first time in ten months, or since June 2022. Bitcoin Search Interest Rises as Leading Crypto Asset Taps [...]

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Bitcoin Miner Marathon Receives Second SEC Subpoena in Connection to Montana Mining Facility Investigation

Marathon Digital Holdings, a publicly-listed bitcoin mining company, has recently revealed that it was served with a subpoena by the U.S. Securities and Exchange Commission (SEC) in relation to an investigation concerning the firm’s Montana mining facility. The SEC is reportedly looking into potential violations of federal securities law. Marathon’s Montana Mining Facility Under SEC [...]

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Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services

Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services. The state-owned financial institution will be using the banking platform developed by the Swiss-licensed digital asset bank Sygnum. Postfinance Partners With Sygnum to Provide Digital Asset Products and Services The financial services unit of the national postal service [...]

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Bitcoin’s Sats Names Ecosystem Flourishes: 370,000 SNS Names Inscribed

On June 26, 2023, the number of Bitcoin-based Ordinal inscriptions surpassed 14 million, just six days after exceeding 13 million. Inscription activity has continued to rise since then. In addition to text, non-fungible tokens (NFTs), and fungible BRC20 tokens, Ordinal inscription technology has ushered in a new naming standard called Sats Names, built on top [...]

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