The failure to grant Coinbase’s request for the Freedom of Information Act (FOIA) has fixed the United States Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) in new lawsuits. 

SEC And FDIC Denies Coinbase FOIA Requests 

Last year, Coinbase employed the services of consultancy firm History Associates Incorporated to help file the FOIA requests. These were aimed at retrieving records from the SEC and FDIC. In the FOIA request to the SEC, Coinbase asked for the agency’s thoughts on Ethereum (ETH). Unfortunately, the requests were outrightly denied. 

In response to this denial, the exchange decided to indict both agencies as a way of forcing them to hand over the documents in their possession. The new lawsuits were filed on Thursday in the United States District Court for the District of Columbia. The American cryptocurrency exchange has asked the court, in two separate lawsuits, to mandate both agencies to comply with its request. 

Multiple Coinbase vs SEC Lawsuits 

In the lawsuits, History Associates which was listed as the plaintiff, and Coinbase as a related party, accused both regulators of segregating the crypto exchange from the banking sector. This has been a source of concern for many crypto firms especially as it cripples their businesses in the U.S. For the longest time, Coinbase has been firing shots at the SEC especially, in line with regulatory clarity.

At the beginning of June, Coinbase submitted a filing with the U.S. Court of Appeals, accusing the SEC of aiming to “choke” the burgeoning digital asset industry. All the exchange requested was that the court compel the securities regulator to create clear and fair rules for the crypto industry.

ConsenSys Sue SEC Over Ethereum 

A few weeks ago, blockchain software company ConsenSys was also forced to sue the SEC.

The company attempted to address concerns raised by the SEC regarding potential fraud and manipulation risks associated with Ethereum’s Proof-of-Stake (PoS) consensus mechanism. This was before the regulator approved spot Ethereum Exchange-traded Funds (ETFs). Their discussion later led to a lawsuit. However, the SEC dropped the investigation into Ethereum 2.0 last week. This dropped Ethereum probe lasted for about 18 months.

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Fantom Foundation received a stunning legal victory in its lawsuit against Korean food tech startup SikSin and CEO Byung-Ik Ahn. In a notable decision, the Civil Division 19-3 of the Seoul High Court ruled in Fantom Foundation’s favor, overturning the lower court’s verdict.

According to a blog post, the 3-judge panel of the High Court also dismissed all claims brought by the plaintiffs and mandated that they cover all litigation expenses.

Fantom’s Legal Victory and Court Ruling

The legal battle concerned allegations of unmet service agreements and plagiarism. In an earlier judgment, the Seoul Central District Court had ruled in favor of SikSin, awarding them over 198 million FTM. As per the service agreement, they were related to the technical implementation of the Fantom Project within the food technology sector in South Korea.

The Seoul High Court ruled that SikSin and Ahn did not fulfill their contractual duties. These include the integration of Fantom’s technology into the food tech industry and the creation of a viable technical paper for the Lachesis Protocol.

This is another significant win for Fantom following its victory in a default judgment against Multichain, earlier in March. The firm in that instance had requested a Singapore High Court to pronounce Multichain Foundation bankrupt.

Fantom’s Head Lauds Landmark Victory

Meanwhile, the court also indicted SikSin for engaging in plagiarism as it related to their technical paper. Notably, the High Court’s reversal exonerates Fantom Foundation and signals the company’s dedication to the integrity and independence of its blockchain technology.

Remarking on the court’s decision. Fantom CEO Michael Kong expressed his appreciation for the meticulous examination of facts presented before it. On its part, RosettaLegal, representing Fantom, maintained that although the case had some technicalities, the ruling has helped to clarify the situation.

Market Reacts Positively

Fantom, a scalable blockchain platform for DeFi, crypto dApps, has in recent times improved its network by engaging in crucial upgrades. One of such was the Directed Acyclic Graph (DAG) protocol newly onboarded to Google Cloud as one of its major node validators. Google Cloud functions to stimulate the Fantom platform as well as carry out validation.

Data from CoinMarketCap shows Fantom’s (FTM) trading at $0.5826, reflecting a 1.71% increase in the past hour following the news release. 

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The development team at Tezos, a smart contract blockchain that gained fame through its record-breaking ICO in 2017, has revealed an ambitious roadmap dubbed “Tezos X.”

According to the announcement, this involves specific technological upgrades aimed at enhancing performance, composability, and interoperability within the Tezos ecosystem.

Tezos, Attempting a Rebound

Notably, the developers explained that Tezos X proposes a strategic overhaul over the next two years. One of the central elements of this plan involves separating transaction execution into a distinct “canonical rollup” to support several programming languages. Meanwhile, the main Tezos blockchain will continue to focus on consensus and settlement.

In 2017, a couple, Arthur and Kathleen Breitman founded Tezos by raising an astonishing $232 million in Initial Coin Offering. Despite industry experts hailing it as a potential Ethereum competitor, Tezos encountered challenges.

The project’s native token, XTZ, has also dropped a whopping 92% off its all-time high with market capitalization hovering around $749 million, according to CoinDesk data.

The Tezos X Roadmap

Interestingly, in 2022, Tezos developers began implementing Smart Rollups to meet up with scaling demands. The setup is such that a dedicated second layer handles transaction execution, while the layer-1 blockchain ensures consensus and settlement integrity.

As per the Tezos X roadmap, a dedicated data-availability layer will be integrated into the main Tezos network. This is similar to Ethereum’s efforts in scaling, where auxiliary layer-2 networks manage transaction loads and specialized components handle additional functions traditionally managed by the main chain.

Bridging Blockchain Networks

The decision of Tezos developers to evolve towards a modular design aims to maintain decentralization while enhancing scalability. However, unlike Ethereum’s multi-layer approach, Tezos X proposes a streamlined solution with a single canonical rollup expected to accommodate diverse network activities by 2026.

“This vision of Tezos X aims to consolidate transaction handling through a unified rollup, potentially meeting the needs of all but the most complex use cases,” the announcement stated.

Tech experts consider the pivotal shift by Tezos as a commitment to scalability and usability, positioning itself competitively in providing scalable cloud-like backends to different applications using blockchain technology.

 

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In cryptocurrencies, investors confront challenging choices on where to deploy their assets. Pepe (PEPE) and Cosmic Kittens (CKIT) are two opposing possibilities grabbing the attention of the crypto world. Cosmic Kittens (CKIT) provides a future gaming experience with unique kitten NFT, whereas Pepe (PEPE) claims a tradition of comedy and cultural relevance with its humorous frog memes. 

As investors examine alternatives, the question arises: which will emerge as the most appealing investment opportunity? Let’s find out.

>>>Click Here To Learn More About Cosmic Kittens (CKIT)<<<

Pepe (PEPE): The Funny Crypto Frog

Pepe (PEPE) is taking the market by storm, with a present value of $0.00001281  and a healthy trading volume of $869,679,852. Pepe (PEPE) is quickly becoming a favorite among investors as a unique cryptocurrency that draws inspiration from memes.

Pepe (PEPE) aims to capitalize on the influence of internet culture within the cryptocurrency sphere, taking cues from the viral success of Dogecoin (DOGE) in 2020. Pepe (PEPE) is an attempt to unite the meme and cryptocurrency communities, based on artist Matt Furie’s famous Pepe the Frog meme.

Speculative investors and cryptocurrency enthusiasts alike have taken notice of Pepe’s (PEPE) meteoric rise in value and creative advertising campaigns. Experts in the field predict that Pepe (PEPE) could reach $0.000019 by the end of the year, a milestone in its journey.

>>>Buy CKIT Now<<<

Cosmic Kittens (CKIT): The Beautiful Crypto Gaming Platform

Forecasts show strong development in the cryptocurrency gaming industry, with a projected market value of $614.91 billion by 2030, up from $154.46 billion in 2023. As the desire for more engaging and intense gaming experiences continues to rise, the sector’s interest and potential are growing rapidly. Cosmic Kittens (CKIT) is a new gaming project causing widespread excitement among crypto investors. The game features a pet-filled ecosystem dominated by adorable NFT cats. 

Gamers get to cultivate intimate relationships with these NFT cats, nurturing and breeding them to create unique combinations with special abilities. Players will have the option to create cosmic sanctuaries for their gaming pets, outfitting them with artifacts that match their style. These Cosmic Kittens NFTs are high-value gaming assets that players can trade for CKIT tokens. Furthermore, gamers can earn extra tokens for their in-game activities. They can also stake their CKIT holdings, locking them for fixed periods to earn extra yields and percentage boosts.

Cosmic Kittens (CKIT) fulfills the yearnings of many play-to-earn gamers who crave full asset ownership alongside attractive incentives. The game will reward its most dedicated members with exclusive NFT assets and Galactic art drops. The allure of NFT asset ownership will help Cosmic KIttens (CKIT) to capitalize on the surge of the blockchain gaming market. Some bullish analysts say Cosmic Kittens (CKIT) will rise to the top of the Ethereum gaming sector due to its attractive offers of asset ownership, lucrative reward opportunities, and exposure to the P2E space. 

They say these factors could spur a rise to $1 in its first two years. These predictions have created an influx of traders moving to the Cosmic Kittens’ (CKIT) ecosystem. Cosmic Kittens (CKIT) is now trading at $0.0055 per token. Yet, early buyers will enjoy a 20% bonus on CKIT purchases. 

Presale alert: Secure 700 NFTs at 0.02 ETH each before they go up to 0.04 ETH at mint.

To ensure you capitalize on this opportunity, click the links below.

Presale

Twitter (X)

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Whitepaper

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State Street Global Advisors (SSGA), a renowned asset manager with a $4.1 trillion portfolio, and Galaxy Digital, a crypto investment firm, are planning to introduce a new line of crypto-based exchange-traded funds (ETFs). As interest in digital investments continues to expand, this strategic partnership extends beyond conventional spot Bitcoin ETFs.

Growing Demand for Crypto ETFs

In their joint announcements, both firms noted the rising demand for digital asset exposure from institutional and retail investors alike. SSGA states:

“Institutional and retail interest in digital assets has surged since the introduction of spot Bitcoin ETFs. However, investors are also seeking exposure to this growing asset class through investment options beyond pure spot bitcoin.”

Proposal Details

According to a new filing with the U.S. Securities and Exchange Commission (SEC), the two have proposed the SPDR Galaxy Digital Asset Ecosystem ETF. It intends to invest in a diverse array of publicly traded companies within the crypto sector, including exchanges, mining firms, hardware wallet providers, and crypto-focused venture capital firms, both domestically and internationally. Additionally, the fund plans to incorporate investments in futures and spot ETF products, broadening its scope and potential impact on the market.

SSGA’s plan also includes two other proposed funds: the SPDR Galaxy Emerging Technology Enablers ETF and the Hedged Digital Asset Ecosystem ETF. These funds are designed to capitalize on the burgeoning opportunities within the digital asset and emerging technology sectors. Mike Novogratz, the CEO of Galaxy Digital, stated:

“Expanding investment options beyond pure spot Bitcoin is where we see the next level of growth for the ecosystem.”

State Street Bank and Trust is expected to provide essential administrative and accounting services for the digital asset ETFs developed by SSGA and Galaxy Digital. This collaboration builds on State Street’s longstanding involvement in the space, dating back to the establishment of its dedicated digital asset division in June 2021.

Crypto Community Reacts

Dadi Kristjansson, CEO of Viska Digital Assets, writes on the importance of this development in a June 26 post on X, stating:

“Crypto is slowly but surely becoming a mainstream asset class. Yet another sign here. Bullish.”

Nate Geraci, President of the ETF Store, also noted the importance of this move, though he expressed some surprise that SSGA did not focus solely on spot Bitcoin ETFs and the anticipated spot Ether ETFs.

The post State Street Global Advisors and Galaxy Digital to Launch New Crypto ETFs appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The Pacific Island nation of Vanuatu is set to enact a comprehensive digital asset and service provider bill as early as September. This move to modernize the financial regulatory framework in the nation, was announced by Vanuatu Financial Services Commission (VFSC) Commissioner Branan Karae during his opening remarks at a digital assets symposium on June 27.

Vanuatu: A Financial Hub

Vanuatu is situated in the South Pacific Ocean and consists of 13 principal islands. It has long been acknowledged as an international financial center and tax haven. As a result, the nation is home to 2,300 registered institutions that provide services in the offshore banking, legal, accountancy, insurance, and trust sectors.

The forthcoming law is designed to create a regulatory framework for virtual asset service providers (VASPs) in Vanuatu. The bill has been in the works since its introduction in 2020, according to Loretta Joseph, a VFSC policy consultant and speaker at the symposium. However, its execution has been postponed as a result of the frequent changes in cabinet members.

Moreover, in March 2022, the country’s prime minister, the Honorable Bob Loughman, gave greenlight to the Satoshi Island crypto project. This announcement followed the news that the country has received 50,000 citizenship NFT applications.

Vanuatu’s appeal as a financial center would be significantly improved by the establishment of a comprehensive regulatory framework for digital assets, which would ensure the security of such transactions. This development is expected to attract additional international financial activities to the country, thereby strengthening its economy.

What Does the Bill Hold?

The enactment of this bill will provide licensing and registration requirements for VASPs, allowing them to legally operate in the region for the first time. Moreover, the government will align the regulation with the standards set by the Financial Action Task Force (FATF), an intergovernmental body focused on combating money laundering and terrorist financing.

Joseph emphasized the importance of such legislation, stating, “The FATF is calling on countries to have legislation around virtual assets. No country in the world can ignore this.” 

FATF standards for the bill are important for ensuring that Vanuatu’s financial system remains transparent.

5 Classes of Licenses

The proposed act introduces five classes of licenses, including exchanges between virtual assets and fiat currencies and crypto custody services. The VFSC will be responsible for monitoring all VASP activities to ensure adherence to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws.

A notable feature of the act is the “Fintech Sandbox Utility,” which allows companies seeking licenses to operate for 12 months without one, providing a testing ground for new financial technologies.

Notably, the government imposes strong penalties for non-compliance, with individuals facing fines up to 25 million Vanuatu vatus ($207.7 million) or imprisonment for up to 15 years, while corporations could be fined $2.1 million.

The post Vanuatu Set to Enact Long-Awaited Digital Asset Regulation in 3 Months appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The native token of Ethereum layer-2 network Blast (BLAST) has made a notable entry into the market, surging 40% following its long-awaited launch. This performance stands out against other high-profile airdrops that have struggled recently.

BLAST Price Rises by 40%

Initially priced at $0.02 per token, BLAST debuted with a fully diluted valuation (FDV) of $2 billion, according to data aggregated from Ambient Finance and the perps trading platform Aevo. Since its launch, BLAST has seen its price rise by over 40%, reaching $0.0281 at the time of publication, based on CoinMarketCap data.

In contrast, other recent token launches have not fared as well. Ethereum layer-2 network zkSync (ZK) and cross-chain interoperability LayerZero (ZRO) tokens have both seen significant declines, falling 46% and 43% from their respective launch prices.

The BLAST Airdrop

The BLAST airdrop released 17% of the token’s total supply. Of this, 7% was allocated to users who bridged Ether (ETH) or USD on Blast (USDB) to the network starting late last year. Another 7% was distributed to users who contributed to the success of decentralized applications (DApps) on the network, while the remaining 3% went to the Blur Foundation for future airdrops to its community.

Despite its positive market reception, the airdrop has faced some criticism. Some market commentators on X (formerly Twitter) expressed disappointment with the launch valuation. Arthur Cheong, co-founder of crypto investment firm DeFiance Capital, remarked that BLAST’s $2 billion FDV was surprising, as he had anticipated a valuation closer to $5 billion.

The Blast network, co-founded by Blur creator Tieshun Roquerre—also known by his pseudonym PacMan—faced criticism from its seed investors in November. They questioned the lack of sufficient features to justify a one-way bridging mechanism that required users to lock up their ETH for several months.

Scam Concerns Amid Airdrop

Like several other high-profile airdrops this year, including that of the cross-chain bridge protocol Wormhole, the Blast airdrop attracted numerous scammers on X. Scammers often exploit large-scale airdrop events by posing as legitimate-looking copycats, capitalizing on the requirement for crypto users to connect their wallets and sign transactions to claim their allotted tokens.

The crypto security service Scam Sniffer identified a user who fell victim to a Blast airdrop scam, losing over $217,000 after signing multiple phishing signatures. These incidents highlight the ongoing risks associated with participating in airdrops, especially as scammers become more sophisticated in their tactics.

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Aave’s TVL recently skyrocketed and is one of the few cryptos valiantly battling the bearish mood in the crypto market. 

For those with huge expectations from the Ethereum ETF approval, staying in the green is crucial, which is why all eyes are now on WW3 Shiba, a perfectly timed newcomer ready to reap the benefits of institutional capital pouring into DeFi projects.

Read on to discover why analysts expected a 580% price increase for WW3 Shiba, currently priced at a steal – only $0.001!

Is the approval of Ethereum ETFs imminent in July?

At the Bloomberg Investment Summit, SEC Chair Gary Gensler showed optimism regarding the approval process for spot Ethereum ETFs, though he did not specify a timeline. Gensler emphasized the focus on asset managers, and he noted that the process is proceeding smoothly, despite the lack of a definitive schedule.

Earlier, Gensler hinted that spot Ethereum ETFs might launch in the summer. Last month, the SEC approved the 19b-4 forms, facilitating the introduction of this investment class. 

Currently, the SEC and issuers are working on S-1 filings, which must be approved before these products can start trading. Some analysts predict that spot Ethereum ETFs will be available by July 2.

Aave strikes gold on Ethereum ETF approval buzz.

Aave is defying the current cryptocurrency downturn, surging over 3.5% this week. This hot streak coincides with a massive $2.26 billion increase in the platform’s Total Value Locked (TVL). This upswing is likely fueled by speculation of the US SEC approving spot Ethereum ETFs.

Industry optimism is on the rise, spilling over into the DeFi space. Aave isn’t alone in its gains; Uniswap and other DeFi platforms are also experiencing growth.

This trend suggests a broader market shift. As regulations become more favorable, the crypto market could be poised for a significant boom, potentially thanks to an influx of institutional investment.

For DeFi enthusiasts, the future is looking bright!

A new era is here: WW3 Shiba plans to stop the Armageddon.

While Aave basks in the glow of an ETF-fueled surge, a new contender is poised to take the crypto market by storm: WW3 Shiba.

While other meme coins are locked in a dog-eat-dog competition, WW3 Shiba is on a mission to unite the world against a far greater foe: World War 3.

WW3 Shiba is building a groundbreaking Play-to-Earn game where players become fearless champions battling the forces of Kim Dog Un and Elon Husk. But it gets epic – you can rise through the ranks and become the ultimate champion for your country. Earn massive in-game rewards and a one-of-a-kind NFT representing your nation’s valiant canine warrior. 

WW3 Shiba isn’t just about saving the world from memes; it’s about saving real dogs too. The project will donate 2% of all funds to world-leading charities that support dogs of war and those injured in conflict.

The WW3S token, built on the secure Ethereum network, is your key to the game. By actively supporting WW3 Shiba and his courageous companions, you’ll unlock even greater rewards. We’re talking more tokens, real cash prizes, and exclusive loot.

With a predicted 580% price increase during the presale, WW3 Shiba is poised to be the hottest P2E meme coin of 2024.

Summary

Aave is riding the Ethereum ETF buzz, but WW3 Shiba is becoming a champion for peace and gains. With a 580% expected rise during the presale, WW3 Shiba is truly becoming a movement with a huge following. 

If you would like to find out more information about the presale,

Website: ww3shiba.com

Twitter: https://x.com/WW3SHIBA

Telegram: https://t.me/WW3SHIBA

 

The post Aave Strikes Gold: $2.26 Billion Surge Linked to Ethereum ETF Approval Buzz appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Ethena is experiencing a notable downturn in today’s cryptocurrency market, sparking concern among investors. Simultaneously, Avalanche holders are actively shifting their funds to a burgeoning presale, driven by the promise of revitalizing their portfolios. This strategic move is not just a bid for recovery; it reflects broader market dynamics where investors quickly adapt to capitalize on emerging opportunities. This article will discuss the catalysts behind these trends and their wider implications for the cryptocurrency landscape, helping investors understand and navigate these swift market shifts.

Ethena’s recent price decline 

Ethena’s recent market performance has shown a noticeable downturn, with its price significantly declining by 39.16% over the past 30 days. This indicates a sharp drop in investor confidence in Ethena and market valuation. This decline is part of a broader trend where Ethena has consistently lost value, negatively impacting investor sentiment.

The potential reasons for Ethena’s declining performance could be multifaceted, involving increased market competition and external market pressures. Such factors often lead to a loss of investor confidence, exacerbating the price decline. Additionally, Ethena’s challenges reflect more significant issues within its ecosystem that might affect its ability to attract and retain investment. This downturn in Ethena’s market performance and the broader implications for its future position in the market highlight significant concerns. Investors might be reevaluating their strategies with Ethena, considering whether continued investment in the platform aligns with their risk tolerance and investment goals in light of these ongoing challenges.

Avalanche holders rush to Raboo 

The shift of investments from Avalanche to presales, particularly highlighted by the strong interest in Raboo’s dynamic presale, illustrates a significant trend in the cryptocurrency market. As Avalanche continues to face downward pressures, with a notable drop of 23.03% over the last month although it has recovered some 4.11% in the last 24 hours, some holders are looking for more lucrative opportunities in new ventures. 

Raboo’s presale has captured the attention of Avalanche investors due to its innovative approach and promising features. It combines robust SocialFi aspects and AI-powered meme generation, which not only attracts those looking for novel investment opportunities but also offers the potential for substantial returns. This shift indicates a broader trend where investors are diversifying their portfolios away from traditional or established coins like Avalanche, which are currently experiencing slower growth or declines, towards emerging coins with dynamic and potentially high-return presales. Such movements are reshaping Avalanche’s position in the market, reflecting a pivot in investor behavior towards projects that offer high growth potential and innovative technology solutions.

Raboo’s impressive presale performance and potential 

Raboo’s presale has swiftly captivated the market, and it is distinguished by its innovative integration of AI technology and meme coin appeal, which has made it a standout in the crypto world. These features, combined with its robust SocialFi platform, offer users investment potential, engagement, and entertainment, making Raboo an attractive option for many investors. Up to this stage, Raboo has reached Stage 4 in its presale, with a significant price appreciation of 60% since the beginning, demonstrating strong market approval and investor confidence. The project has attracted over 8,000 registered users and over 2,500 token holders, amassing $1.8 million in capital, highlighting its rapidly growing community and financial backing.

Compared to traditional investments such as Ethena and Avalanche, Raboo’s presale shows a stark contrast, especially in its ability to maintain and increase its market valuation amidst broader market downturns. While Ethena faces a price decline and Avalanche struggles under market pressure, Raboo’s impressive presale performance presents a promising alternative, offering potentially higher returns and a more engaging investment model.

Conclusion 

As we wrap up, the cryptocurrency market landscape remains as dynamic as ever. The steep decline in Ethena’s value and Avalanche holders shifting their investments to promising presales like Raboo underscore the volatile nature of this sector. Raboo’s presale, in particular, has gained traction due to its innovative features and strong community support, showing how new opportunities are continually emerging amid the market’s fluctuations. For investors, staying informed and adaptable is critical. The ability to swiftly adjust to market changes and embrace new, potentially lucrative opportunities could well define success in the ever-evolving world of cryptocurrency. 

You can participate in the Raboo presale here.

Telegram: https://t.me/RabootokenPortal

Twitter: https://twitter.com/Raboo_Official

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The United States Department has announced a new $5 million reward for information leading to the capture of Ruja Ignatova, also known as the “Cryptoqueen.” Ignatova, a key figure behind the fraudulent cryptocurrency scheme OneCoin, has been a fugitive since 2017, and her whereabouts remain unknown.

US Government to Bring Ruja to Justice

She disappeared shortly after a U.S. warrant was issued for her arrest on charges of wire fraud, securities fraud, and money laundering. Ignatova’s ability to evade capture has frustrated authorities and left thousands of victims without recourse.

Notably, the $5 million reward announcement underscores the U.S. government’s commitment to bringing Ignatova to justice and dismantling financial crimes that exploit unsuspecting investors. Also, the reward is part of the State Department’s Transnational Organized Crime Rewards Program, which targets individuals involved in major international criminal activities.

Authorities believe Ignatova may have altered her appearance and is using fake identities to avoid detection. They urge anyone with information about her whereabouts to come forward, emphasizing the significant financial incentive and the potential to help bring a high-profile criminal to justice.

OneCoin Scandal

OneCoin, founded by Ruja Ignatova and Karl Sebastian Greenwood in 2014, enticed investors with promises of guaranteed returns from a fictitious cryptocurrency. However, investigations later revealed the absence of a functional blockchain, exposing OneCoin as a pyramid scheme reliant on luring in new investors.

Despite being exposed as fraudulent in 2015, OneCoin managed to amass over $4.3 billion in revenue, recording substantial profits between 2014-2016. Ruja, often referred to as the “Cryptoqueen,” remained on the run since her disappearance in 2017, following a federal warrant for her arrest. Speculations have arisen regarding her fate, with some linking her disappearance to the murders of several OneCoin associates in Mexico in 2020.

Greenwood Pleads Guilty to Money Laundering

Recall that in 2022, Greenwood pleaded guilty to federal United States charges including wire fraud and money laundering. According to the U.S. Department of Justice (DoJ), Greenwood confessed that OneCoin was based on a phony digital currency. He was sentenced to 20 years in prison.

Meanwhile, Mark Scott was also indicted with the founders of the fraudulent project. He was believed to be one of the OneCoin principal actors. As such, the subagency of the US DoJ, the US Attorney’s Office (USAO) suggested a minimum 17-year sentence for Mark. “His punishment must match the seriousness of his crime,” read the filing. However, Mark was sentenced to 10 years in prison.

The post US to Give Out $5M Reward For Info on Fugitive OneCoin Cryptoqueen appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Animoca Brands, a Hong Kong-based venture capital company is eyeing a public listing in 2025. According to its co-founder and executive chair Yat Siu, the firm is considering going public either in Hong Kong or the Middle East. However, the company has yet to finalize the exact location for its potential initial public offering (IPO).

Animoca to Choose Between Hong Kong or the Middle East

The decision to go public is a strategic move aimed at capitalizing on the burgeoning interest in blockchain technology and digital assets. Notably, this move marks a return to the public markets for the company as it was delisted from the Australian Securities Exchange four years ago. 

By choosing Hong Kong or the Middle East as potential IPO venues, Animoca Brands is looking to tap into regions showing strong support for blockchain innovation and digital asset regulation. With its robust financial infrastructure and status as a global financial hub, Hong Kong presents a compelling option for Animoca Brands. As such, a public listing in Hong Kong would provide Animoca Brands access to a vast pool of investors and a well-established capital market.

On the other hand, the Middle East, particularly the United Arab Emirates (UAE), has emerged as a significant player in the digital asset space. An IPO in this region would align with Animoca Brands’ vision of expanding its global footprint and tapping into new markets. As Animoca Brands continues to evaluate its options, the potential IPO in 2025 represents a milestone for the company.

Animoca Brands Supports Web3.0 Projects

In December 2023, the Hong Kong-based Web 3.0 group revealed over $ 2 billion in assets. Notably, the value encompasses Animoca Brands’ investments in prominent Web 3.0 projects including infrastructure and gaming.

The data portrayed Animoca’s commitment to supporting other Web 3.0 ventures. According to the report, the firm has invested in more than 400 projects since its inception and none of these investments were in meager sums. Meanwhile, in January, Animoca Brands collaborated with Chess.com and world-renowned chess grandmaster Magnus Carlsen to introduce Anichess, a free-to-play chess strategy game.

Hong Kong is Digitally Ready

The Hong Kong government is open to the blockchain industry and does not impose taxes on investors or businesses making money from cryptocurrency trading. It is worth mentioning that Hong Kong took the first position as a digitally ready economy according to a readiness report.

Many digital asset institutions have opened offices in Hong Kong due to its welcoming policies surrounding cryptocurrencies. Bybit, a prominent cryptocurrency exchange applied to operate as a “virtual asset trading platform” in the region. On the other hand, following the recent approval of Spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) in the United States, the SAR is planning to list a spot ETF. 

Recall that, Hong Kong’s Securities and Futures Commission (SFC) has seen a need to allow retail investors to trade crypto as against its only professional investor’s policy that has been in place since 2019.

 

The post Animoca Brands Plans to Go Public Next Year – Report appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Binance, one of the world’s largest cryptocurrency exchanges boosts its operations in the Middle East by securing a Crypto Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). According to the announcement, the VASP license, obtained through Binance’s Dubai subsidiary, Binance FZE, is a testament to Binance’s commitment to operating within the framework of local laws and regulations. 

Binance Continous Expansion

This move is expected to enhance Binance’s reputation and reliability among users in the Middle East, providing them with increased confidence in the platform’s regulatory compliance and operational standards.

Interestingly, the new regulatory framework will likely bring more structured and secure environments for trading cryptocurrencies within the United Arab Emirates (UAE). Binance’s adherence to these regulations will ensure its operations are transparent, secure, and in line with international standards. UAE residents using the exchange trading platforms will have their accounts transferred to the VARA-regulated Binance FZE trading platform

With the VASP license, Binance is poised to leverage its enhanced regulatory status to attract a broader user base in the Middle East. Users will ensure their accounts comply with the new regulations and update their verification information. Meanwhile, this development aligns with the UAE’s vision of becoming a global hub for digital assets and blockchain technology.

Binance Receives First-Ever Operational License in Dubai

Recall that in 2023, Binance was granted Dubai’s first-ever operational digital assets license. The MVP license granted to Binance FZE marked a historic moment in the crypto industry, as it became the first exchange to receive regulatory approval for its services in the UAE.

The license permits Dubai users to access regulated virtual asset services under Dubai’s Virtual Assets Regulatory Authority, ensuring investor protection and market assurance. Under VARA’s preview, Binance FZE can now offer exchange services, facilitating seamless crypto trading, and investment for institutional investors. 

Furthermore, the license enabled Binance to operate as a broker-dealer, opening up new opportunities for qualified retail investors to access the crypto market with greater confidence and protection.

Bitpanda and Raiffeisen Unites to Revolutionize Crypto in Dubai

In May, Bitpanda, the European crypto exchange announced its partnership with Raiffeisen Bank, the Vienna-based unit of the Austrian lender. 

The deal is designed to offer crypto services to customers at 55 Raiffeisen bank branches across Austria. Before the partnership, the exchange revealed the opening of a new office in Dubai. It is worth noting that this is a major milestone for the company as it marks its first expansion outside Europe.

Just like how Bitpanda chose UAE as its destination for expansion, TheCoinRise reported that OKX exchange, a crypto asset trading company was licensed to provide services to qualified investors in the country. Also, Bitpanda has decided to explore new horizons by testing the waters in Dubai.

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Bitcoin (BTC) halving is one of this year’s most impactful market events. These predictions do not come only from speculation. Instead, they are factual data that correlate with past trends from previous Bitcoin Halving events. 

With Bitcoin (BTC) set to rise, its only natural for other crypto assets to follow closely. Chainlink (LINK), Polkadot (DOT), and Cosmic Kittens (CKIT) are three projects set for this meteoric rise, and investors say they could be the best buy decision for any market participant. The sweetest thing is that Cosmic Kittens (CKIT) is currently on presale, and it will be a profitable venture for early investors who buy the tokens while they are still cheap.

>>> Click Here To Learn More About Cosmic Kittens (CKIT) <<<

Chainlink’s (LINK) Prediction 

Chainlink (LINK) has had some exciting gains in March, and predictions are that it could do even better in Q3 2024. The Chainlink (LINK) network indicates recent bearish momentum with a greed score of 75. According to Changelly, Chainlink (LINK) is predicted to have a minimum price of $15.36 by the end of 2024 and could go as high as $23 when the year ends. The predictions are hinging more on a positive trajectory, and the likelihood of its token dropping is much lower. Chainlink (LINK) is also expected to soar alongside other low-cap altcoins. 

Polkadot’s (DOT) Prediction 

Polkadot (DOT) remains one of the biggest cryptocurrencies in the market and is in the top 17 altcoins today. It has established a firm place in the market and is leading today in price performance. The project’s one-month performance shows a 26.13% drop. Technical indicators on Changelly reveal a 55 Greed index on Polkadot (DOT) and bearish sentiment on the network. With such a trajectory, investors expect many pumps from the Polkadot (DOT) network over the next few months. 

>>> Click Here To Learn More About Cosmic Kittens (CKIT) <<<

Cosmic Kittens (CKIT) Could Be The Biggest Blockchain Game 

Blockchain games gained massive popularity in 2021 and early 2022, especially with projects like Axie Infinity (AXS) and The Sandbox (SAND). The idea of P2E caught the attention of many traditional gamers, but sadly, the innovation never fully lived up to its hype. The market has a predicted growth rate of 68.3% from 2023-2030. This prediction shows that the industry is growing, and there are loads of untapped potential with new projects like Cosmic Kittens (CKIT). 

Launching on the Ethereum blockchain, Cosmic Kittens (CKIT) is a new project that features exciting features and functionality for its participants. The project introduces a cat-inspired game where players nurture kittens and breed them, creating new combinations of highly valuable NFT assets. The network will introduce NFT trading, allowing users to buy and sell these kittens, which increases the chances of users to increase their earnings, and double their investments. 

It also offers a staking boost as a plus to members of its ecosystem. Cosmic Kittens (CKIT) is similar to legendary gaming titles like Pokemon, Digimon, and Tamagotchi. Gamers in the Cosmic Kittens’ (CKIT) ecosystem will also get attractive rewards for loyalty and dedication to the game. These rewards include access to exclusive NFTs and Galactic art drops.

Work on the Cosmic Kittens MVP has commenced, backed by strong investor confidence and encouraging forecasts from experts. The development of the game is expected to be completed by or before the end of the presale. 

Cosmic Kittens’ (CKIT) presale will open soon, and CKIT coins will be sold at a very cheap value of $0.0055 per token. The project will also offer an attractive 20% bonus for early investors and is set to launch 700 NFTs at a special presale price of 0.02 ETH, exclusively available to presale partners.

This makes it easy for small and large-scale investors to participate in the project. The possibilities of more gains are even more pronounced than ever, considering the expectations of a bull market run.

CKIT could be the biggest presale of 2024, especially with the growth of the P2E market and the fact that analysts are predicting a 800% increase in the price of CKIT!

See the links below for more information:

Presale

Twitter (X)

Telegram 

Whitepaper

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A federal judge in Florida sentenced Michael Kane, the former CEO of Hydrogen Technology Corporation, to 45 months in jail for his role in a cryptocurrency price manipulation scheme. This sentencing, announced on June 24, represents a watershed event in the confluence of cryptocurrency and securities law enforcement.

Florida Judge Delivers Landmark Judgment

According to the US Justice Department, Kane’s sentencing followed his guilty plea to securities fraud charges. This case is important because it is the first time a jury in a federal criminal trial has determined that a cryptocurrency is a security and that manipulating its values constitutes securities fraud.

Principal Deputy Assistant Attorney General Nicole Argentieri emphasized the significance of this case, saying, “This prosecution and the sentences imposed today should serve as a warning: the Criminal Division will not hesitate to use all tools at its disposal — including federal securities laws — to protect the integrity of cryptocurrency markets.”

Another Hydrogen Exec sentenced for 35 months.

Shane Hampton, the former Head of Financial Engineering of Hydrogen Technology, also received a 35-month term for his involvement in the fraudulent operations. The sentences are part of a broader enforcement action against the corporation and its officials by the United States Securities and Exchange Commission (SEC) and the Department of Justice.

The SEC first filed a complaint against Kane and Hydrogen Technology in September 2022. The claims were upon Kane’s use of the firm’s market maker to influence the volume and price of the company’s Hydro (HYDRO) token. This manipulation increased the token’s market value, misinforming investors and the market. In April 2023, a New York judge ordered Kane and Hydrogen Technology to pay $2.8 million in damages and civil penalties. Criminal indictments against Kane and Hampton were announced simultaneously in the Southern District of Florida.

Crackdown on Crypto Firms

Kane pleaded guilty to one count of conspiracy to manipulate securities prices, one count of conspiracy to commit wire fraud, and two counts of wire fraud. He had been awaiting sentence since November 2023. Hampton, who was convicted of similar crimes in February, had a jury trial and was found guilty. In addition, two more former Hydrogen Technology executives, Andrew Chorlian and Tyler Ostern, pled guilty to their roles in the scam in May 2023.

This lawsuit is part of a larger crackdown by US authorities on cryptocurrency-related securities fraud. The SEC has been vigorously pursuing civil actions against many cryptocurrency organizations, including well-known names like Coinbase, Ripple, Kraken, and Binance. However, the SEC has apparently halted its efforts to classify Ether as a security.

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Ava Labs, the company that created the layer-1 Avalanche blockchain, is using its technology to provide intellectual property management solutions for South Korean K-pop musicians. As the K-pop business is expected to reach a $20 billion valuation by 2031, including ticket sales, sponsorship deals, and merchandising, blockchain might play a critical role in ensuring artists are fairly compensated.

Ava Labs and K-POP?

In an interview with DL News, Justin Kim, the head of Ava Labs in South Korea, underlined the importance of artist protection. He emphasized how blockchain technology may provide unprecedented transparency and efficiency, addressing the long-standing issues of underpayment by recording companies and misreporting of ticket sales by venues and ticket processors.

The significance of digital rights management has expanded in the twenty-first century. Artists today confront the combined difficulty of protecting their works from both classic copyright infringement and illegal use by AI programs that search the internet for content.

Platforms such as Overlai are addressing this issue by inserting invisible watermarks in image and video information, which are subsequently stored on the blockchain. This generates an immutable and irrefutable record of ownership, while also allowing visual content creators to opt out of AI scraping.

Blockchain for Intellectual Property

Blockchain technology is not just used in the visual arts to handle intellectual property. Earlier this year, Cointelegraph interviewed Audius founders Roneil Rumburg and Forrest Browning on how blockchain could transform music IP management.

Audius, a decentralized music streaming and IP management platform, allows recording artists to handle their intellectual property using Web3 capabilities without having to comprehend technical on-chain physics. Audius, like Overlai, gives options for artists to choose whether or not to use AI scraping.

Ava Labs and Others Seek to Bring Revolution

Notably, industry legends have already begun to use blockchain for their creative activities. Ghostface Killah of the Wu-Tang Clan published original music with a Bitcoin Ordinals inscription, granting holders a Creative Commons license that permits them to sample or modify the music.

Similarly, the heavy metal band Megadeth created and distributed non-fungible tokens (NFTs) to enable exclusive experiences, such as one-on-one meetings with band members, demonstrating a compelling use case for blockchain in the music business.

As Ava Labs introduces blockchain technologies to the K-pop business, the potential for better intellectual property management and artist pay becomes more apparent. K-pop musicians can use blockchain technology to secure and commercialize their creations, paving the door for a more equal and transparent music industry.

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The Blast Network, an Ethereum layer-2 solution, announced an airdrop for its early adopters scheduled for June 26. The much-anticipated event will see the release of 17% of the total token supply. 

Early Users to Receive Blast

According to a social media post from the team on June 25, 7% of the tokens will be allocated to users who bridged either Ether (ETH) or US Dollar Blast (USDB) to the network, and another 7% will go to those who contributed to the success of decentralized applications (DApps) on the Blast platform. The remaining 3% is earmarked for the Blur Foundation to facilitate future airdrops to its community.

A detailed report accompanying the announcement revealed that the top 1,000 wallets, based on points accumulated, will have their airdrop vested linearly over six months. This means these users won’t be able to sell all their tokens immediately but will have to wait half a year to access the full amount.

Blast Token Distribution

The Blur Foundation, responsible for distributing its share of the token rewards, announced that 1% of the total supply will go to traders and holders during Season 3, 0.5% for Season 4, with another 0.5% reserved for future use. However, they have not yet disclosed how the remaining 0.5% will be utilized.

Tokens from this airdrop will be claimable starting at 10 am ET (2 pm UTC), according to the social media post. The Blast network has quickly risen in prominence, becoming the fourth largest Ethereum layer-2 network in terms of total value locked (TVL). Since the debut in November, the network’s TVL has grown to over $2.9 billion.

Notably, 50% of the Blast token supply will be distributed to the community. The initial 17% will be given out during “Phase 1,” commencing on June 26, with the remaining 33% to be distributed in subsequent phases yet to be announced.

Additionally, 25.5% of the total supply is allocated to core contributors, 16.5% to investors, and 8% to the Blast Foundation for infrastructure development and ecosystem growth. Tokens assigned to core contributors, investors, and the foundation will be vested and unlocked over a four-year period.

Concerns Among Users

Some Blast users have expressed concerns about the vesting requirement for the top 1,000 wallets. An airdrop hunter known as Olimpio on X voiced their discontent, stating, “Trying to be as unbiased as possible since I am top 500, but this is a spit on the face of people that bring liquidity […] Top 0.1% wallets are subject to this, but how much TVL do they represent from the chain?”

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The German government has initiated significant cryptocurrency transactions, transferring 400 Bitcoin (BTC), valued at approximately $24.34 million, to major exchanges Coinbase and Kraken. This move suggests a potential intention to liquidate these assets. According to on-chain analytics provider Arkham, the government also moved 500 BTC to address “139Po…”

German Government Continuous Transfer of BTC to Exchanges

Last week, addresses identified as government-controlled began funneling assets to these crypto exchanges.

UPDATE: German Government selling additional $24M BTC

In the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase.

They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx

— Arkham (@ArkhamIntel) June 25, 2024

This activity follows the government’s January seizure of 50,000 Bitcoin from the notorious piracy site Movie2k. Undoubtedly, the digital assets confiscation was part of a larger crackdown on illegal online activities and digital piracy. Also, the seizure of Bitcoin from Movie2k marked one of the largest cryptocurrency confiscations in Germany’s history. 

Meanwhile, this is in addition to $130 million and $65 million BTC sent to different exchanges on the 19th and 20th of June respectively. Although, Kraken returned $20.1 million worth of BTC, while $5.5 million came from wallets linked to Robinhood, Bitstamp, and Coinbase exchanges. Arkham reports also revealed that the German government now holds 46,359 BTC worth $2.8 billion at the current price.

What Could be the Reason?

The transfer of such a substantial amount of Bitcoin to prominent exchanges like Coinbase and Kraken has drawn considerable attention within the cryptocurrency community. Typically, such transfers by government entities are viewed as precursors to selling off the assets, leading to market speculation about potential impacts on Bitcoin prices. 

The timing of these transfers, amid a volatile digital asset market, adds another layer of intrigue and speculation about the German government’s broader strategy regarding its cryptocurrency holdings.

The German authorities’ decision to liquidate these assets could be influenced by several factors, including the desire to convert the digital currency into fiat to fund governmental projects, initiatives, or debt obligations. It also underscores the increasing integration of cryptocurrency transactions within traditional financial and governmental operations.

Bitcoin is currently trading for $61,722.38, according to CoinMarketCap. The cryptocurrency dropped by 6% following the German government’s funds transfer to exchanges. 

Satoshi’s Suspicious Bitcoin Transfer

While everyone is busy investing in Bitcoin Exchange-Traded Funds (ETFs), many investors are also speculating about the Satoshi wallet transfer and wondering who exactly sent BTC to the wallet and their intention.

The transaction occurred shortly after BTC celebrated its 15th anniversary, adding an extra layer of significance to the event. An anonymous figure moved a substantial 26.917 BTC to Satoshi Nkaamoto’s original Bitcoin wallet. The motives behind this transfer remain a mystery. The sender opted for a “send everything” approach, transferring their funds, signifying a symbolic gesture, or an attempt to influence market sentiment.

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Metaplanet, a renowned entity listed on the prestigious Tokyo Stock Exchange has recently established a wholly-owned subsidiary in the British Virgin Islands (BVI), a strategic move designed to enhance its Bitcoin (BTC) management and capabilities. According to an announcement on X, this new subsidiary is expected to significantly improve Metaplanet’s ability to manage and strategize its Bitcoin holdings.

Metaplanet Aim to Diversify its Assets Base

In conjunction with this move, Metaplanet’s board has approved a substantial Bitcoin purchase of an additional 1 billion yen. This decision underscores the company’s commitment to bolstering its long-term holdings and capitalizing on the potential growth of Bitcoin. Furthermore, the acquisition aligns with Metaplanet’s strategic objectives to diversify its asset base and enhance its financial stability through significant investments in digital currencies.

*Metaplanet establishes wholly-owned BVI subsidiary to enhance strategic $BTC management* pic.twitter.com/plmQ3xp72W

— Metaplanet Inc. (@Metaplanet_JP) June 25, 2024

Notably, this wholly-owned subsidiary will be a part of Metaplanet’s group of companies. With the global digital asset market becoming increasingly competitive, having a well-managed and strategically positioned Bitcoin portfolio is crucial for maintaining an edge. Meanwhile, Metaplanet’s proactive measures reflect its ambition to lead the charge in the digital asset sector, setting a precedent for other firms in the industry to follow.

Metaplanet Collaborate With Investors to Embrace Bitcoin 

In April, the Japanese public company embraced Bitcoin as its primary treasury asset. This decision was made possible through the invaluable support and collaboration of prominent partners and investors, including Sora Ventures, UTXO management, Morgan Creek Capital, and Jack Liu. Also, the company committed about JPY 1 billion for the project. 

By aligning its treasury reserves with Bitcoin, the company has enabled anyone with an account to gain indirect exposure to the world’s leading cryptocurrency without incurring the regulatory risks typically associated with direct investment in digital assets. 

Additionally, the move underscores Metaplanet’s forward-thinking approach to financial management and its recognition of the intrinsic value and potential of Bitcoin as a store of value and hedge against inflation. Moreover, the firm’s embrace of Bitcoin is a testament to the broader trend of institutional adoption sweeping across the cryptocurrency landscape.

Metaplanet Expands its Bitcoin Holdings

Some weeks ago, Metaplanet expanded its BTC holdings by acquiring an additional 23.35 BTC.  The purchase increased its cumulative Bitcoin holdings to 141.0727 BTC. While the company’s total Bitcoin holdings are still less than 200 BTC, analysts emphasized the importance of consistency.

With the current development for Metaplanet, the Japanese will gain exposure to Bitcoin without paying unrealized gains tax that could be as high as 55%. Meanwhile, Metaplanet’s move comes after Microstrategy’s recent $2 billion Bitcoin acquisition for six months, which triggered a cautionary note from JPMorgan Chase.

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Zodia Custody, a company focused on providing crypto custody solutions is partnering with 21Shares, a Switzerland-based crypto investment product firm to offer custody services for physically backed crypto exchange-traded products (ETPs) across the broader European market. According to the announcement, this collaboration will address the institutional demand for secure and reliable crypto ETPs in Europe.

Significance of the Partnership

The new partnership will enable Zodia Custody and 21Shares to leverage their expertise in safeguarding cryptocurrencies to support 21Shares’ range of crypto ETPs. The European market has seen a significant rise in interest from institutional investors seeking to diversify their portfolios with crypto assets. 

This increasing demand underscores the need for a secure and robust infrastructure to manage these digital assets. Organizations using 21Shares for ETP investments will have 24/7 access to cold-storage wallets.

Meanwhile, the collaboration between Zodia Custody and 21Shares will enable institutions to invest in crypto ETPs without fear. Zodia Custody’s advanced security measures, including comprehensive insurance coverage and compliance with regulatory standards, ensure that clients’ assets are well-protected. 

Zodia Custody Partners With Metaco for Sub-custody Solutions

In December 2023, the crypto firm co-owned by British banking giant Standard Chartered unveiled a strategic collaboration with Metaco, a crypto custody firm acquired by Ripple. This partnership is geared towards offering global sub-custody solutions, catering to the escalating demands for the self-custody of digital assets.

Interestingly, this advanced system allows customers to store their investments safely from various locations. Undoubtedly, the demand for secure and versatile custody solutions has surged following the maturity of the cryptocurrency industry. As such, the partnership will meet this demand by providing a cutting-edge sub-custody system that enhances security and regulatory compliance.

WisdomTree Launches Crypto ETPs

Notably, Zodia Custody is not the only one driving institutional interest in cryptocurrencies.  WisdomTree, a New York-based management firm, has secured approval from the Financial Conduct Authority (FCA) to launch physically-backed Bitcoin (BTC) and Ethereum (ETH) ETPs on the London Stock Exchange (LSE). 

As per the announcement, this milestone positions WisdomTree among the first issuers to receive FCA approval for a prospectus dedicated to cryptocurrency ETPs. The ETPs are available exclusively to professional investors, reflecting a cautious approach to introducing digital asset products. 

Meanwhile, the FCA’s approval signals a readiness among regulators to accommodate and oversee the integration of digital assets into mainstream finance. WisdomTree’s crypto ETPs are currently listed on the Swiss Stock Exchange SIX, Deutsche Borse Xetra, and Euronext exchanges in Paris and Amsterdam. However, its European crypto ETPs are available for sale in several countries like Austria, Norway, Spain, the United Kingdom, etc.

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The price of Bitcoin has experienced a substantial decline in the past two weeks, which has coincided with an astounding $1.3 billion in outflows from U.S. spot Bitcoin exchange-traded funds (ETFs). This wave of outflows is the most severe since April, when Bitcoin ETFs recorded net outflows exceeding $1.2 billion between April 24 and early May. 

$1.3B in ETF Outflows

Data from Farside Investors highlights that these ETFs recorded a total net outflow of $174.5 million on June 24. Moreover, in the past two weeks, this number has reached $1.298 billion, with Grayscale leading the exodus at $517.3 million. However, BlackRock’s Bitcoin ETF is the sole fund to experience positive inflows, amassing $43.1 million during the same period.

Furthermore, CoinMarketCap data indicates that Bitcoin’s price has experienced an 11.6% decline, from $69,476 on June 10 to around $61,250 at the time of publication.

Concerns Due to Mt. Gox Repayment

Several commentators have issued warnings of substantial downward pressure, which has maintained the cautious market sentiment. This perspective is influenced by the German government’s anticipated Bitcoin sales and the nearly $9 billion in BTC repayments that are expected from Mt. Gox creditors in July. 

Jonathan de Wet, the chief investment officer at ZeroCap, a digital asset trading firm, expressed worry regarding the ongoing obstacles in the broader crypto market. The price of Bitcoin is expected to continue to decline in the coming weeks, reaching its critical support level of approximately $57,000, according to De Wet.

Long-Term Optimism

de Wet maintains a long-term bullish perspective on Bitcoin and other cryptocurrencies, despite these short-term adverse signals. He believes that the launch of the ETH ETF and a potential easing bias towards the end of 2024 could positively impact the market, with actual easing expected in 2025.

Conversely, some analysts, like eToro’s market analyst Farhan Badami, argue that the impact of the Mt. Gox creditor repayments may not be as severe as feared. Badami predicts that Bitcoin’s price could stabilize in the coming weeks and potentially rally back to new all-time highs within the next few months.

While the recent outflows from Bitcoin ETFs and the subsequent price decline have raised concerns, the resilience of the cryptocurrency provides a glimmer of hope for investors.

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