Crypto Guides, Knowledge & Insights

As the dispute over the Hinman Docs proceeds, Ripple and the SEC submit comments.

The legal conflict involving the U.S. Securities and Exchange Commission (SEC) and Ripple observed increased activity. Brad Garlinghouse, the CEO of Ripple Labs Inc., and Chris Larsen, the executive chairman, submitted an opposing response to the SECs request to seal specific records pertaining to the companies joint applications for preliminary injunction.　　Additionally, the SEC has submitted a reply to the partial objection to Ripples request to seal particular records relating to the summary decision. 　　Battle Over Hinman Docs Continues Between Ripple And SEC　　Both sides are battling over sealing of the Hinman documents in their briefs, along with some other minor issues. Bill Hinman, an attorney for the XRP community, indicated that Ripple opposed the seal of the Hinman documents on the grounds that they are important for reasons unrelated to the trial.　　The corporation claims that because the lawsuit has moved on to the summary judgment phase, the presumption of public access to court records is at its greatest right now.　　　　Second, Ripple contends that the Hinman papers are court records and shouldnt be kept secret in the absence of good cause:　　“The SEC has nonetheless persisted in seeking to shield from public view the names and identifying information of witnesses whose testimony the

2023-01-11Deep Dive

Gemini ends its cryptocurrency yield product and intensifies its conflict with Genesis

Gemini, a cryptocurrency exchange run by the Winklevoss twins, and Genesis Global Trading, a partnership on a loan product for cryptocurrencies marketed to smaller investors, have intensified their conflict by parting ways on a critical element.　　In an email sent on Tuesday, Gemini informed users of its Gemini Earn service that it had terminated the master loan agreement (MLA) that they had with Genesis. “This officially terminates the Earn Program and requires Genesis to return all assets outstanding in the program,” As per Geminis statement. “Existing redemption requests are not impacted and continue to await fulfillment by Genesis.”　　Following the bankruptcy of FTX, the loan division of cryptocurrency broker Genesis ceased client withdrawals in November. It was tied with customer money from Gemini Earn. Gemini Earn, billed as an interest-earning account for bitcoin contributions, was introduced in February 2021. Genesis provided the yield investors in Gemini Earn got.　　The decision to terminate Gemini was made effective as of January 8; the business had earlier given Barry Silbert, the CEO of Digital Currency Group (DCG), the parent organization of Genesis, that deadline in a public letter on January 2. (and CoinDesk). Additionally, Silbert was charged in the letter with “engaging in bad faith stall

2023-01-11Deep Dive

Federal prosecutors request contact with SBF and FTX victims so they can confirm their accounts.

Victims of the defunct cryptocurrency exchange FTX and its creator Sam Bankman-Fried are being urged to get in touch with US authorities to learn more about their legal options and to discuss their experiences.　　According to reports, prosecutors claim that all a million shareholders and clients lost $8 billion to FTX.　　　　A victim/witness organizer in the U.S. Attorneys Office, Wendy Olsen Clancy, wrote on a recently founded website for the cases victims: Attorneys Office encourages people to share and confirm their tails by emailing USANYS-FTXVictims@usdoj.gov.　　“If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorneys Office using the email address for assistance in verifying whether you are a victim in this case.”　　After an eight-count prosecution of the erstwhile crypto billionaire who is suspected of misusing FTX customer cash, the Attorneys Office makes the statement. According to the prosecution, the victims rights must be upheld.　　The news follows the erstwhile crypto millionaire being charged on eight counts with manipulating FTX customer monies. According to prosecutors, the rights of the victims must be protected.　　The DOJ is reportedly taking assets connected to the insolvent cryptocurrency startup FTX, such as certain

2023-01-10Deep Dive

Huobi Korea will sever ties with Huobi Global by repurchasing shares.

On January 9, rumors surfaced that the cryptocurrency exchange Huobi Korea might be severing ties with Huobi Global, its parent business.　　Huobi Korea will alter its name to separate itself from the Huobi Global, according to a statement provided to News1, because they have been having a lot of issues because of Korean rules.　　A cryptocurrency exchange called Huobi Global was established in 2013 by Du Jun and Leon Li, who is now the CEO of the business. One of the biggest exchanges in the globe at the time, Huobi went head-to-head with Binance and Coinbase. In terms of the major exchanges, it is now ranked 16th, as per CoinMarketCap.　　Huobi Korea will acquire all of Huobi Globals shares.　　According to News1, Cho Kook-bong, the current head of Huobi Korea, is completing all the necessary steps to purchase all of the remaining stock, of which Leon Li is the largest owner (about 72% of the total).　　Huobi Korea will change its name to “draw a line with Huobi Global” after all the stocks have been bought.　　　　Despite the fact that Huobi leadership chose not to address the subject, it is noteworthy that the value of the firms native HT token has decreased by around 25% over

2023-01-10Deep Dive

Bankrupt Voyager Battles Alameda as the SEC Examines a $1 billion Binance Deal

Insolvent cryptocurrency lender Voyager referred to new allegations made by Alameda Research over its agreement with Binance.US as “frivolous.” Alameda made a number of complaints in a document that was published last week, claiming that the $1 billion takeover deal “ignores core obligations and protections of the Bankruptcy Code.”　　In reaction, Voyager filed a document today accusing Alameda of “hypocrisy and chutzpah at its finest,” citing how the company has misled “most of the world” in addition to its debtors.　　　　Binances offer, which was reportedly “the highest and best bid,” was worth approximately $1.022 billion in total, including the lenders residual crypto portfolio. Voyager agreed to transfer its remaining shares to Binance.US in December, in a relocation it said that will “a clear path forward for Voyager customer funds to be unlocked as soon as possible.”　　The Bankruptcy Codes Section 1129(b), which prohibits “junior class” debtors from having precedence on “their claims or interests without holders of senior classes getting the entire amount of their claims,” is the foundation of Alamedas petition.　　The petition refers to the deal as “patently unconfirmable,” noting the Bankruptcy Codes disclosure rules, while pointing out that the shuttered trading company formerly helped Voyager with rescue financing.　　Voyager had received a

2023-01-10Deep Dive

Harrison, a former FTX US President, will provide details about the Exchange.

Certainly, many individuals have concerns about how an exchange that was once among the biggest could have plummeted in the short period of time after FTXs death.　　In response to a tweet, the former president of FTX US, Brett Harrison, who left the troubled exchange last year, said he will soon disclose details on how the cryptocurrency exchange functions.　　Harrison will reveal FTX information.　　The former president of FTX US made the statement in reply to a Twitter query inquiring if Harrison knew anything regarding the failure of the exchange and when he learned of it. Harrison said, “Ill share in time,” in response to the query.　　From another angle, it would appear like the former president was planning to reveal some insider knowledge about the downfall of the exchange. His resignation as the president of FTX US was somewhat suspiciously timed because the exchange collapsed and declared bankruptcy just one month afterwards.　　Harrison was a trading executive at Citadel Securities, a capital markets company for financial institutions, before entering FTX in May 2021. His objective was to assist FTX expand its US presence, especially by creating the American subsidiary with such a headquarters in Chicago.　　The former FTX US president has not yet been charged

2023-01-10Deep Dive

What happens to Tether, stablecoins in the event of dollar collapse?

Private cryptocurrencies have arisen as the most recent version of money throughout the last decade. This is especially true for stablecoins, which Harvard Business Review describes as “a private kind of money” that provides an efficient alternative to state-backed cash.　　While a typical industry narrative portrays cryptocurrencies as distinct from the traditional system, there is some entanglement between the two. The top three stablecoins, for example, are backed by the US dollar.　　With economists continuing to raise the alarm about the deteriorating macroeconomic situation, it begs the issue of what will happen to stablecoins if a currency crash occurs.　　The rise of stablecoins　　Stablecoins are digital currencies that are tied to another asset, such as cash, gold, or a cryptocurrency token (as in the case of algorithmic stablecoins), in order to stabilize its price. They allow investors to cycle in and out of crypto currencies in order to mitigate market volatility.　　Stablecoin market values have expanded significantly in recent years, reflecting their increasing popularity and significance over time.　　Tethers market cap was around $15 million at the start of 2017. This peaked at $83 billion in May 2022, a more than 5,500x growth in five and a half years.　　Because Tether tokens are redeemable for dollars, the

2023-01-10Deep Dive

$75 million has left the Huobi Token platform in the past 24 hours.

As Huobi Token (HT) begins to contend with the turmoil occurring inside the Huobi cryptocurrency exchange, it seems to be in a precarious position.　　According to tracking from Coingecko, the cryptocurrencys trading price increased by 3.2% during the past 24 hours to trade at $4.72 at the time of this writing, but the piece of data is still having trouble making up some of its recent losses.　　HT has lost 6.4% and 11.3% of its value during the last seven and fourteen days, respectively, and several of its technical indicators indicate that it is about to have another catastrophe.　　Due to its oversold state, the altcoin is now more vulnerable to a large price drop that may occur within the next several days.　　HT suffers as Huobi Notches Huge Outflow　　　　DeFiLlama, a decentralized data aggregator for the finance industry, recently announced on Twitter that Huobi exchange saw a significant capital outflow of approximately $75 million during the previous 24 hours.　　The information source mentioned that on December 15, 2022, the business had received almost $87 million in new cash.　　However, the exchange was unable to maintain this level of performance, and it ultimately lost more than $204 million, including the $75 million that was accumulated over the

2023-01-09Deep Dive

RPCs are not online however the Solana Network is still operational

According to Solana Status, the bug affected nodes that had installed the most recent test version. It advised users using the node to upgrade to 1.13.　　Network is still operational　　The nodes that link decentralized programs and digital wallets to the blockchain are known as RPC endpoints. The network was unaffected by the interruption, and block generation is continuing as usual. This is due to the fact that private RPCs made by companies like QuickNode, Alchemy, and Triton are still usable.　　Austin Federa, the Solana Foundations Head of Strategy s past, this is a positive improvement in the meanwhile. 14 outages that affected Solana last year lasted for a total of 4 days, 12 hours, and 21 minutes. In October 2022, there was a system outage that was brought on by a node problem. The community became concerned about its sustainability as a result of these interruptions.　　Solana Gradually Recuperates From 2022 Terror　　While this is occurring, the layer1 blockchain, which had a terrible year in 2022, is off to a fantastic start in 2019. Solana co-founder Raj Gokal, citing statistics from Artemis, stated that the networks daily registrations topped that of big rivals like Ethereum, Polygon, etc., as of Jan. 5.　　Its native token, SOL,

2023-01-09Deep Dive

CBN set to produce a regulatory framework for cryptocurrency in Nigeria

By: Damian Okonkwo　　The Central Bank of Nigeria (CBN) has announced plans to develop a regulatory framework for the use of cryptocurrencies in the country. This was revealed in the report on Nigerian payments system vision 2025.　　Here, the regulatory body said they will be working closely with the Security and Exchange Commission (SEC) to develop a regulatory framework for the adoption of coins that follows the ICO standards and other stablecoins.　　In a statement, CBN Governor Godwin Emefiele said that while the bank recognizes the potential benefits of cryptocurrencies, it is also aware of the risks and vulnerabilities associated with their use.　　Hence, he averred that “the CBN is therefore committed to working with all relevant stakeholders to ensure that the development and use of cryptocurrencies in Nigeria are effectively regulated and supervised to protect consumers and prevent money laundering and financing of terrorism,”.　　According to Emefiele, the regulatory framework will also help to foster innovation and support the growth of the fintech sector in Nigeria.　　The announcement comes amid growing interest in cryptocurrencies in Nigeria, with many young Nigerians turning to digital assets as a way to store and transfer value.　　Hitherto, the use of cryptocurrencies in Nigeria has been largely unregulated, especially after the

2023-01-09Deep Dive

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