Kategorie-Archiv: Blog

Kraken Closes Abu Dhabi Office; Bithumb Owner Arrested

• Kraken is closing its Abu Dhabi office, leading to the discharge of 8 team members.
• Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges.
• Sam Bankman-Fried won a Texas case alleging violations of securities laws via FTX offerings.

Kraken Closes Abu Dhabi Office

Leading crypto exchange Kraken is closing its location in Abu Dhabi, resulting in the discharge of eight team members. The Abu Dhabi Global Market’s registry showed that Kraken was no longer active in the country, though clients in the region will still be able to use the platform and make deposits in US Dollar.

Bithumb Owner Arrested on Embezzlement Charges

Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges for allegedly misappropriating approximately $50 million. This follows investigations into former Chairman Lee Jung-hoon who was accused of misappropriating roughly $70 million from his deal with BK Group chairman Kim Byung-Gun.

SBF Wins Texas Case Alleging Violations of Securities Laws

Former FTX CEO Sam Bankman-Fried gained an early victory in a lawsuit filed against him by Texas regulators for alleged violations of securities laws via FTX offerings. The court ruled that Bankman-Fried had properly complied with state regulations when issuing certain derivatives products and as such did not violate any securities laws.

Research Shows “Bullishness” Among Investors Around the World

A new report conducted by cryptocurrency data research firm Arcane Research shows that investors around the world are becoming increasingly bullish on cryptocurrencies due to government intervention and institutional investment activity. The research found that more than half of respondents think Bitcoin price will hit $100k within three years and over 80% believe it will eventually reach six digits figures at some point in time.

Conclusion

The cryptoverse saw major news today as Kraken announced its closure of its Abu Dhabi office, Bithumb owner was arrested for embezzlement charges, Sam Bankman-Fried won a Texas case alleging violations of securities law, and research showing increasing bullishness among investors around the world regarding cryptos.

Gaming on the Blockchain Booms: UAWs Grow 60%, On-Chain Transactions Surge 3,260%

-Gaming unique active wallets grew 60% in 2022, with the top three most popular gaming blockchains being Wax (WAXP), Hive (HIVE), and BNB Chain (BNB).
-On-chain gaming transactions increased to 7.4 billion in 2022, recording a 37% increase since 2021.
-The gaming UAWs are now the dominants of the market, accounting for 49% of the on-chain activity.

The world of gaming and cryptocurrency combined has seen remarkable growth over the past few years. According to a recent report from DappRadar, Unique Active Wallets (UAWs) connected to gaming dApps increased by 60%, while on-chain game transactions increased by 37%.

The three most popular gaming blockchains were Wax (WAXP), Hive (HIVE), and BNB Chain (BNB), with 353,000, 234,000, and 136,000 daily UAWs respectively. This pushed the total number of daily gaming UAWs to 1.15 million, and moved gaming to the forefront of DeFi, with UAWs accounting for 49% of the market share.

On-chain game transactions increased from 2.2 billion in 2020 to 7.4 billion in 2022. This impressive 3,260% increase was recorded even during the bear market, making gaming one of the few sectors that continued to expand. On average, one unique wallet conducted 25 gaming on-chain transactions in 2022.

The remarkable growth of gaming in the cryptocurrency sphere has been driven by the growing number of blockchain-based games being developed. More and more gamers are joining the blockchain gaming revolution, making use of the benefits of true asset ownership and the ability to trade assets without the need of a trusted third-party.

The future of gaming on the blockchain is looking bright, and with the increasing popularity of non-fungible tokens (NFTs), gamers may soon be able to own exclusive digital assets that can be used in-game or traded for real-world value. This will open up a whole new world of opportunities for gamers, developers, and investors alike.

Crypto Market Booms as Bitcoin, Ethereum Dominance Soar

• Bitcoin dominance has hit 41.5%, the highest level in six months.
• Ethereum dominance is also up, currently standing at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.

The crypto market has been experiencing a surge of activity over the past few months, and this is manifested in the rising metrics of Bitcoin and Ethereum dominance. Bitcoin dominance, a metric that measures BTC’s current share of the global crypto market cap versus other cryptocurrencies, has hit 41.5% as of January 20th– the highest level over six months. This means that Bitcoin is currently dominating the crypto market and has a greater share of the total cryptocurrency market capitalization than any other cryptocurrency.

Ethereum dominance is also on the rise, currently standing at 19.4%. This is the highest Ethereum dominance has been since November 2020 and is indicative of the increasing popularity of Ethereum as an asset in the crypto space. The market cap for the entire crypto space currently sits at just under $1 trillion, further demonstrating the strength of the current crypto market.

The BTC-ETH Dominance metric is also a useful tool for gauging the macro outperformance trends between the top two crypto-assets. It looks at Bitcoin’s market cap relative to the combined market cap of Bitcoin plus Ethereum. Lower values and downtrends indicate an outperformance of Ethereum over Bitcoin, which has been the case since early 2021.

Overall, the current crypto market is flourishing, with both Bitcoin and Ethereum dominating the space. The rising dominance metrics of the two major cryptocurrencies is further proof of the strength of the current crypto market, and it will be interesting to see if this trend will continue in the months to come.

Crypto News Roundup: Celsius CEO Sued, Polygon Hard Fork, and More

• Former Celsius CEO Alex Mashinsky has been sued by the New York Attorney General’s office for allegedly defrauding customers.
• Celsius Mining has agreed to sell 2,687 Bitcoin mining rigs for $1.34 million.
• Polygon has proposed a hard fork to reduce gas fees.

The cryptoverse has seen a lot of activity in the past 24 hours. On Jan. 13, news broke that the former CEO of Celsius Network LLC, Alex Mashinsky, was sued by the New York Attorney General’s office. According to the lawsuit, Mashinsky violated the Martin Act and New York’s Executive and General Business Laws by allegedly defrauding investors into depositing billions of dollars into digital assets within the cryptocurrency lending company.

Meanwhile, Celsius Mining announced an agreement to sell 2,687 Bitcoin mining rigs for $1.34 million to Touzi Capital. The mining rigs are „MicroBT ASIC M30S“ located in Houston, Texas, with a hashrate ranging between 84TH/s to 92TH/s.

In other news, Polygon has proposed a hard fork that seeks to reduce gas fees and improve scalability. Polygon is a Layer 2 scaling solution for Ethereum that is designed to make transactions faster and cheaper. The hard fork is expected to take place in the second quarter of 2021.

Crypto.com announced layoffs, Congress member Tom Emmer criticized the U.S. Securities and Exchange Commission, and various reports and research on Bitcoin, the crypto market, and stablecoins were released.

These reports and news are only a few of the stories that have come out of the cryptoverse in the past day. With all these stories, it’s clear that the cryptocurrency market is continuing to evolve and mature. Investors and traders should stay vigilant and informed on all the latest news and developments in order to remain ahead of the curve.

U.S. Seeks Victims of FTX Founder, Guarantees Rights

• U.S. authorities are seeking out victims of FTX founder and former CEO Sam Bankman-Fried
• The U.S. Attorney’s Office for the Southern District of New York has created a web page inviting members of the public to contact USANYS-FTXVictims@usdoj.gov
• Victims are guaranteed rights under the U.S. criminal code, including protection from the accused, timely notice of public court proceedings, and the right to be heard in court

On Jan. 6, the U.S. Attorney’s Office for the Southern District of New York created a web page inviting members of the public to contact USANYS-FTXVictims@usdoj.gov if they had been a victim of fraud by Sam Bankman-Fried, the FTX founder and former CEO. The page also set out rights that victims are guaranteed under the U.S. criminal code, including protection from the accused, timely notice of public court proceedings, and the right to be heard in court.

The invitation from the Southern District of New York comes as the result of recent court proceedings. In those proceedings, the office asked for the judge’s permission to address FTX users collectively through a web page. FTX’s large user base, which includes more than 1 million individuals, would have made targeted emails unfeasible. Presumably, any information that the office obtains via email will be used in the ongoing case against the former Bankman-Fried. The former FTX CEO’s last hearing took place on Jan. 3, and his upcoming trial is scheduled for October.

U.S. Attorney Damian Williams made clear that the office is also seeking out FTX associates. This means that anyone who may have witnessed the alleged fraud is encouraged to contact the office as well. In addition, victims are guaranteed a number of rights under the U.S. criminal code, including protection from the accused, timely notice of public court proceedings, and the right to be heard in court.

In the invitation, the Southern District of New York has made it clear that the rights of victims are to be respected. The office is committed to providing victims with the opportunity to exercise their rights, and it is encouraging anyone who may have been a victim of fraud or who may have witnessed it to contact USANYS-FTXVictims@usdoj.gov. By doing so, victims can ensure that their voice is heard in the ongoing case against Sam Bankman-Fried.

Vauld Rejects Nexo Acquisition Offer, Citing US Customer Concerns

• Crypto lending firm Vauld has rejected a long-standing acquisition offer from its larger competitor, Nexo.
• Vauld expressed concerns over how Nexo would handle U.S.-based Vauld customers and stated that Nexo’s revised proposals have failed to assure either matter.
• Nexo published an open letter containing a final offer for Vauld shortly before Vauld rejected the proposal.

Crypto lending firm Vauld has rejected a long-standing acquisition offer from its larger competitor, Nexo. The offer had been under consideration since last July, when Vauld was one of several companies that filed for bankruptcy in the aftermath of the collapse of Celsius.

Vauld stated that Nexo had failed to provide an assessment of its solvency and expressed concerns over how Nexo would handle U.S.-based customers. In particular, Nexo had stated in December that it would stop serving the country’s residents. Vauld concluded that Nexo’s revised proposals had failed to assure either matter.

In a private letter, Vauld co-founder and CEO Darshan Bathija told Nexo that his company would reject a final proposal put forward by Nexo. Just hours before reports of Vauld’s final rejection on Jan. 5, Nexo published an open letter containing a final offer for Vauld.

The open letter called the proposal „the best possible path forward“ and „the only path forward“. The offer would have granted Nexo customers or assets from its failed competitor, however, Vauld ultimately decided to reject the proposal.

Vauld’s rejection of Nexo’s acquisition offer is the latest development in the tumultuous relationship between the two companies. While Nexo had hoped to acquire Vauld’s assets and customers, Vauld’s decision may now force the two firms to go their separate ways.