CryptoTastic

2022-12-08 21:16:48 Hedge fund Fir Tree files lawsuit against Grayscale: Bloomberg

Hedge fund Fir Tree Capital Management is suing crypto investment fund Grayscale Investments for information to investigate potential mismanagement and conflicts of interest, Bloomberg News reported, citing Delaware court documents. Fir Tree wants to use the the information to push Grayscale to address the large discount it trades at relative to the bitcoin it holds by lowering fees and resuming redemptions, Bloomberg cited sources as saying. The complaint also alleges that Grayscale investors have been harmed by "shareholder-unfriendly actions.".with sister firm Genesis halting client withdrawals last month.

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2022-12-08 18:30:39 Two Major Events next week :

US CPI: 13th Dec 2022

FOMC Meeting: 14th Dec 2022

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2022-12-08 08:48:08 Grayscale Faces Lawsuit as GBTC Plunges to Record Low 43% Discount

New York-based hedge fund Fir Tree Capital Management has filed a lawsuit against digital asset manager Grayscale Investments over “potential mismanagement and conflicts of interest” at the firm’s flagship Bitcoin fund, according to a Bloomberg report. The news came as Grayscale Bitcoin Trust’s (GBTC) discount plunged to a record low discount of more than 43% from the underlying Bitcoin value on Tuesday, with Fir Tree alleging that this is partly the result of Grayscale issuing “an immense number” between 2018 and 2021 without providing investors means of exiting their positions aside from selling shares to other investors.

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2022-12-07 10:54:03 UK set to announce new crypto regulations: FT

The UK government is expected to announce new rules governing the sale and marketing of crypto assets. a clampdown on crypto-related advertisements by companies based outside the UK, the Financial Times reported on Monday.

The proposed powers will be added to a piece of legislation that is already before parliament. The Financial Services and Markets Bill is designed to shape the UK's financial sector post-Brexit and includes sections defining stablecoins and crypto assets. Instead, the UK prefers a piecemeal approach of incremental changes, which has frustrated some.

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2022-12-06 17:57:34 Russia's head of Congress finance committee: Bitcoin and crypto products will "definitely" be legal next year.

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2022-12-06 07:36:46 Bitcoin Could Drop to $5,000 in 2023 ‘Surprise’: Standard Chartered

Bitcoin could still have much further to fall next year, according to analysts at Standard Chartered. The world’s first and biggest cryptocurrency could plummet as low as $5,000 in one scenario imagined by the banking group. The prediction was made as part of Standard Chartered’s annual list of surprises that analysts believe the markets may be overlooking or under-pricing. Other possible upsets for the year ahead include a fall in oil prices, the impeachment of U.S. President Joe Biden, and a collapse in food prices. send people back to the classic safe haven of gold.

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2022-12-05 20:50:43 Tether (USDT) will launch Tether Gold (XAU₮) and Euro Tether (EUR₮) on the Huobi exchange on December 8th.

Tether, the company issuer of the first and most widely used $USDT stablecoin, has announced its plans to launch Tether Gold (XAU₮) and Euro Tether (EUR₮) on Huobi on 8 December, 2022. After the launch, Huobi's users will get access to the stablecoin that represents ownership of physical gold and the Euro-pegged stablecoin.

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2022-12-05 09:38:11 BNX Price Tanks 80% on Rumors of BinaryX Team Selling Treasury Tokens

The BinaryX BNX token has fallen by over 50% in the last 24 hours following rumors of its developers selling treasury tokens. Rumors surfaced earlier today that 4 million BNX was being dumped per hour on Binance alone. A crypto trader also asked the BinaryX team to answer questions concerning certain transactions.

All this generated panic within the BinaryX community as many speculated that the sellers were the token developers. Several crypto short sellers have profited from the situation, with many averaging returns of over 300%. Elle, a verified analyst on Tradingview, made over 900% profit, while other traders like 0xRajee also made substantial profits from shorting the token.

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2022-12-05 06:39:07 AAX Users Storm Crypto Exchange's Nigerian Offices, Attack Employees

Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX users have harassed the crypto exchange’s workers came just days after the Nigerian crypto and blockchain advocacy group. According to a local report, a group of disgruntled Nigerian users of Atom Asset Exchange (AAX) recently stormed the crypto exchange’s offices in Lagos and assaulted employees. The angry mob reportedly demanded the lifting of a freeze on withdrawals, which came into effect on Nov. 12. Dec. 2 report by Legit does not state when the incident occurred.

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2022-12-04 21:15:20 Alameda Covered a $1 Billion Loss for FTX in 2021

Alameda lost hundreds of millions covering a client’s unusually large margin position on an obscure token in April 2021. This news comes amid claims from former FTX CEO Sam Bankman-Fried that FTX and Alameda were independently operated firms. FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021. As reported by the Financial Times on Friday, people familiar with the matter said FTX suffered massive losses after a client’s leveraged trade on an obscure crypto token went south. Meanwhile, the “buffers” designed to shield the exchange from losses on a bad trade failed to protect FTX.

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