Crypto Guides, Knowledge & Insights

BlackRock Ethereum Trust Successfully Registered, ETH Exceeds $2000

On November 9, BlackRock, the renowned $9 trillion asset manager, successfully registered the iShares Ethereum Trust in Delaware. This move has had a profound impact on Ethereums value, driving it to levels unseen since April.　　Ethereum price chart. Source: TradingViewBlackRock Ethereum Trust Registration Spurs Optimism　　The registration of the BlackRock Ethereum Trust is seen as a major vote of confidence in the cryptocurrency, potentially ushering in a new wave of institutional investors into the Ethereum market.　　Notably, BlackRocks previous move with the iShares Bitcoin Trust was to register it in a similar manner, seven days before filing an ETF application with the U.S. Securities and Exchange Commission (SEC). Analysts are speculating that BlackRock might soon file for a spot Ethereum ETF, following the pattern it established with Bitcoin. This prospect has fueled anticipation of a wave of applications from other major asset managers.　　The SEC‘s lack of approval for a spot Bitcoin ETF in the U.S. has not dampened optimism and enthusiasm surrounding the product, resulting in Bitcoin reaching an 18-month high. The news of an open approval window for BlackRock and several other applicants has further fueled this enthusiasm. BlackRock’s interest in offering an ether-based product is expected to generate similar excitement for

2023-11-10Deep Dive

UBS Crypto ETFs Are Now Available For Hong Kong Clients

According to BBG, Hong Kong clients are now able to trade UBS crypto ETFs. Three authorized ETFs will be accessible on UBSs platform. The crypto sector is recovering, with speculation of US spot Bitcoin ETFs.　　UBS Group AG has joined other banks, including HSBC Holdings Plc, in allowing clients in Hong Kong to trade crypto-linked exchange-traded funds (ETFs).　　Three crypto ETFs, namely Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures, have been authorized by the Securities and Futures Commission and will be accessible to wealthy clients on UBSs Hong Kong platform.　　 UBS Crypto ETFs Offering　　The news comes as Hong Kong aims to establish itself as a digital-asset hub and rolled out a digital-asset regulatory regime on June 1. While the citys crypto push suffered a setback due to the recent blowup of the unlicensed JPEX exchange, Hong Kong has tightened scrutiny of the crypto industry through a joint task force between the SFC and the police.　　The crypto sector is slowly recovering from a market rout and high-profile collapses, and speculation about the US allowing spot Bitcoin ETFs has contributed to the price increase of the largest token this year.　　Financial institutions, including DBS Group Holdings Ltd. and ZA Bank Ltd.,

2023-11-10Deep Dive

NEAR Foundation Rejects $11.2M USN Redemption, Sparks Crypto Controversy

NEAR Foundation has sparked controversy by declining to honor an 11.2 million USN redemption commitment tied to FTX.　　Wintermute, which had been working closely with the FTX bankruptcy estate since earlier this year, revealed that it had facilitated the liquidation of assets, generating over $11 million for FTX creditors. The transaction was executed with the understanding that USN could be redeemed for USDT at a 1-to-1 ratio. Wintermutes confidence in this exchange was bolstered by public statements from the NEAR Foundation, as well as assurance from Aurora in private conversations, confirming the feasibility of the redemption process within a few days.Wintermute‘s Efforts and NEAR’s Refusal: The Crypto Standoff Unraveled　　Wintermutes efforts and submission of the redemption, the NEAR Foundation refused to honor its commitments, leaving Wintermute without the anticipated USDT for the USN transferred in August. After a prolonged wait of 2.5 months, the final offer presented by the NEAR Foundation amounted to a mere 20% of the sum in question, leaving Wintermute disheartened.　　Wintermute attempted to propose an alternative solution that would contribute value to the NEAR ecosystem. This proposal involved Wintermute accepting a major portion of the owed sum as an investment in locked $NEAR tokens and a commitment to integrate

2023-11-09Deep Dive

Jump Crypto CEO Under Investigation For Alleged Secret Deal Amid TerraUSD Collapse

The SEC is investigating whether Kanav Kariya, the former Jump Crypto CEO, entered into a secret agreement with Do Kwon, the president of Terraform Labs, during the collapse of the stablecoin TerraUSD.Kanav Kariya, the former Jump Crypto CEO　　The investigation focuses on Jump Crypto‘s involvement in helping to restore UST’s peg by purchasing tokens. The SEC has alleged that Kwon engaged in a fraudulent scheme worth $40 billion through unregistered securities LUNA and UST.　　According to a deposition by SEC counsel Devon Staren, it is suggested that Kariya and Kwon made a deal on May 23, 2021, after UST had depegged. UST, Kwons algorithmic stablecoin, experienced a significant drop in value from around $1 to approximately $0.30 cents on May 9, 2021, and LUNA, the token intended to stabilize UST, plummeted by around 99% by May 12, 2021.　　 Alleged Agreement Terms and Jump Crypto CEOs Response　　Staren‘s questioning revealed that the terms of the alleged agreement were for Jump to help restore UST’s peg by purchasing the token, and in return, Kwon would amend Jumps LUNA loan agreement and lift the vesting conditions. However, Kariya invoked his right to resist self-incrimination and declined to answer the question during the deposition.　　These allegations align with

2023-11-09Deep Dive

The U.S. SEC Has Initiated Talks with Grayscale Investments on the Conversion to Spot Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) has initiated discussions with Grayscale Investments regarding the details of their application to convert the GBTC trust product into an ETF. This development could have a significant impact on the crypto industry, according to an individual familiar with the ongoing interactions between the two parties.　　The industry eagerly anticipates the SECs approval of one or more ETF applications, as it is believed that this moment could streamline the path for everyday investors to access digital assets. The anonymous source revealed that Grayscale has been in contact with the SECs Trading and Markets Division, as well as the agencys Division of Corporation Finance, ever since winning the legal battle. These discussions have been taking place in private. (Coindesk)　　

2023-11-09Deep Dive

SEC Opposes Binance’s Motion To Dismiss Lawsuit

The U.S. Securities and Exchange Commission (SEC) has filed opposition to a motion to dismiss the lawsuit against Binance.US, Binance, and CEO Changpeng Zhao (CZ), arguing that the defendants violated securities laws and committed fraud.SEC opposes Binance‘s motion in Securities Lawsuit　　The SEC also requested Judge Amy Berman Jackson sign a proposed order in favor of the regulator. The SEC opposes Binance’s motion outlines several reasons why the court should deny the motion to dismiss.　　Firstly, the SEC argues that the defendants actions violated the Howey test, which determines whether a transaction is an investment contract and therefore subject to securities laws. The SEC also asserts that the defendants violated investment contract rules by illegally listing unregistered securities in the form of cryptocurrencies.　　Furthermore, the SEC opposes Binances motion, claiming that the agency is overreaching its authority by regulating the crypto industry. The SEC maintains that it has the authority to protect investors under existing securities laws, regardless of the asset class involved.The Agency Reaffirms Authority to Regulate Crypto　　Additionally, the SEC accuses Binance.US of delaying and failing to cooperate with the SEC‘s investigation. The SEC highlights disputes related to document discovery and depositions, which have hindered the SEC’s ability to effectively investigate the

2023-11-09Deep Dive

Ark Invest Collaborates with 21Shares to Launch a New Series of Digital Asset ETFs

Ark Invest is preparing to launch a series of new ETF products in partnership with 21Shares, aiming to provide investors with a range of robust options for incorporating digital assets into their portfolios.　　“These products are designed to achieve long-term capital appreciation through strategic investments in Bitcoin and Ethereum futures contracts, as well as applications of blockchain technology, leveraging on-chain signals and our crypto-native expertise,” as stated by 21Shares.　　According to the prospectus, these ETF products will be listed on the Chicago Board Options Exchange (Cboe), with five products set to begin trading next week.　　

2023-11-09Deep Dive

BRC-20 Founder: Updating BRC-20 Documentation to Version 0.9, First Update in Seven Months

BRC-20 founder domo announced on X platform that version 0.9 Freeze will be updated to the BRC-20 documentation at block height 816,000. This marks the first update in seven months and emphasizes the importance of simplicity and trust in maintaining consensus.　　According to the official documentation Proposal page, The Freeze takes into account past issues with the old version Ord and anticipated significant updates. It aims to standardize indexers to ensure consistent script validity and state stability within BRC-20.　　

2023-11-09Deep Dive

WSJ: Former NYSE President in Talks to Relaunch FTX

Former New York Stock Exchange President Tom Farleys company is one of three entities bidding for the remaining assets of FTX as the auction process enters its final stages. According to sources, the cryptocurrency exchange Bullish, financial technology startup Figure Technologies, and cryptocurrency venture capital firm Proof Group are competing to acquire FTX. The winning bidder will have the opportunity to relaunch the exchange after it exits bankruptcy proceedings next year. (The Wall Street Journal)　　

2023-11-09Deep Dive

Crypto Bank SEBA Secures Cryptocurrency-Related Services License from SFC

Swiss crypto bank SEBA Bank has been granted a license by the Hong Kong Securities and Futures Commission, allowing its subsidiary to operate crypto-related services locally.　　In a statement today, SEBA announced that the license permits SEBA Hong Kong to trade and distribute all securities, including virtual asset-related products, such as over-the-counter derivatives and structured products based on virtual assets.　　The bank is also authorized to provide advice on securities and virtual assets and manage assets in fully delegated accounts for traditional securities and virtual assets.　　SEBA Bank opened a new office in Hong Kong in November of last year. Currently, the bank conducts global operations in Switzerland, Abu Dhabi, and Hong Kong.　　

2023-11-09Deep Dive

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