IceCoin

2023-01-06 15:36:23 ​​ Bonk Inu creators burned team tokens

It has become known that the developers of the notorious Bonk Inu (BONK) crypto-project burned their team tokens as the Solana ecosystem saw a very volatile situation. About 5% of BONK's stock was destroyed as the price of the virtual asset dropped 40% in the last 24 hours, as of the morning of January 6, 2023.

Members of the Solana community considered the burning a step towards the legitimacy of the Bonk Inu project, whose creators positioned their project "for the people," actively avoiding insider token sales and cracking down on any fraudulent behavior by market participants.

In the last 24 hours, numerous centralized exchanges and decentralized apps have announced the addition of BONK-based trading capabilities, increasing the usefulness of the meme token for traders and holders. More than 3 million BONK transactions took place in the first three days, indicating high activity among market participants. The number of unique wallets storing BONK increased to 86 thousand from less than 25 thousand a few days ago.

However, the value of tokens fell by more than 40% as large investors decided to lock in profits. In addition, cryptocurrency exchange Bybit, introduced futures on BONK, allowing traders to bet against the token.

It was reported that holders of 297 thousand non-exchangeable tokens (NFT) based on Solana received a BONK airdrop. The developers of the project actively positioned themselves as opponents of the "toxic tokenomics" used by Alameda Research. The latter distributed only a small portion of the tokens to retail traders, leaving the bulk for private investors and startup developers.

Several Solana projects have already integrated BONK tokens for use as payments for NFT, and others have introduced combustion mechanisms for events based on non-interchangeable tokens. Open / Comment

2023-01-05 19:18:27 ​​ Former FTX lawyer testifies against Bankman-Fried

Former FTX General Counsel Daniel Friedberg Cooperated with U.S. Attorney's Office

A former lawyer for FTX, the bankrupt Sam Bankman-Fried crypto exchange, detailed everything he knew about the company's transactions during a meeting with officials from the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC). This was reported by Reuters.

"I want to cooperate in every way," the lawyer told the two FBI agents in an email.

According to the source, the meeting with attorney Daniel Friedberg and prosecutors took place at the U.S. Attorney's Office for the Southern District of New York on Nov. 22. Friedberg said he was aware of Bankman-Fried's use of client funds to finance his other firms. The source said he also provided information about the operations of the trading firm Alameda Research.

Friedberg, however, has not been charged with a crime. He expects to be called as a government witness in the October Bankman-Fried trial.

Friedberg's attorney, Telemach Kasulis, the FBI and FTX did not respond to requests for comment on his cooperation. The Securities and Exchange Commission, the Justice Department and a spokesman for Bankman-Fried also declined to comment.

After the FTX collapse, there were reports that billions of dollars in customer funds were funneled to Alameda. The firm's former chief executive, Caroline Allison, also confirmed this. She said she understood that it "was wrong" to borrow from FTX without risk management or collateral. She said she had been aware of the detrimental nature of the practice since 2019.

The New York prosecutor's office set up an FTX task force to track and recover missing customer money, estimated to total at least $2 billion. Bankman-Fried is charged with criminal conspiracy to defraud, embezzlement of FTX users, misuse of company assets and money laundering. However, he pleaded not guilty to the fraud and other charges against him. Open / Comment

2023-01-04 14:13:16 ​​ Mining analysts see no reason to rally in 2023

Bitcoin decline will stop in 2023, but it will not be easier for miners, according to analysts at Hashrate Index

The bearish trend of bitcoin in 2023 will end, but it is not necessary to wait for the growth of quotations of cryptocurrencies in the near future. This was reported on the official website by analysts of the research mining site Hashrate Index.

According to them, the current events resemble the bearish scenario of 2014, 2015 and 2018. However, the current collapse of quotes is not as deep as it was in previous cycles, the analysts noted.

"Judging by historical cycles, the current bear market looks like it will end soon," the Hashrate Index believes.

According to the researchers, the only reason the bitcoin price fell below $25,000 in the moment was because of "extensive forced selling" due to the collapse of several market participants with excessive leverage. The Hashrate Index believes that without the high-profile string of bankruptcies, the bitcoin price would still be in the $25,000 to $30,000 range.

However, despite the fact that the bear cycle may end soon, we should not expect bitcoin quotes to rise as quickly. Analysts believe that the cryptocurrency rate primarily depends on the inflow of new capital.

"The extreme market chaos and outright fraud of 2022 have scared many away from this sector," the researchers admit.

It will take time before traditional financial firms are willing to invest in bitcoin again, they argue. The market will probably have to wait patiently for another year or two before a new bullish cycle begins, according to Hashrate Index. At the time of writing, the bitcoin exchange rate in the BTC/USD trading pair is $16,870, according to Nomics. The entire cryptocurrency market has a capitalization of nearly $820 billion.

Miners, however, will have the worst time. Analysts predict that the bitcoin network's hash rate will begin to slow in 2023, and public mining companies will face a choice: either to become private again, or to merge with more stable market participants. At the same time, local authorities in some regions will tighten regulation of the industry, hitting cryptocurrency miners, experts say. Open / Comment

2023-01-03 15:14:38 ​​ Final Fantasy creator develops several blockchain games

Japanese video game developer Square Enix announced the development of several projects using blockchain

Video game developer Square Enix will unveil several projects using blockchain technology in 2023. The company's president, Yosuke Matsuda, made the announcement in a New Year's letter. He said the company sees investing in blockchain as a medium-term priority. However, it is not clear on which projects the Japanese studio decided to try blockchain technology.

Matsuda noted that the excitement around non-interchangeable tokens (NFTs) and the meta universe in 2021 led to 2022 being the year of "great volatility." He believes that technology has the potential to grow in the gaming segment, but only if a more transparent business environment is regulated. The president of Square Enix said that the company is still exploring different options for investing in blockchain, both domestically and internationally. Previously, the studio invested in Animoca Brands, The Sandbox and Ubitus.

In May 2022, Square Enix announced plans to issue its own tokens. With them, the Japanese studio wants to form entire cryptocommunities, but the timeline remains unknown. That same month, Square Enix sold the rights to the Tomb Raider, Deus Ex, Theif and Legacy of Kain franchises to focus on blockchain. The deal was valued at $300 million. Square Enix said at the time that it would use the money from the sale of the franchises to invest in blockchain technology, artificial intelligence, and cloud solutions, but soon abandoned such plans.

Yosuke Saito, the producer of a Japanese video game series called NieR, earlier said that he hoped that 2023 would see the arrival of several high-profile blockchain games, as well as the dawn of meta universes. He did not specify which blockchain games he was referring to, but expressed hope for the "birth of a great meta universe. Open / Comment

2023-01-02 17:46:52 Hook Startup — a modern and high-quality resource with cool ideas and insiders for the development of your business. Open / Comment

2023-01-02 16:44:32 ​​ UK introduces crypto-exemptions for foreigners

The tax breaks announced in December are part of Prime Minister Rishi Sunak's plans to turn Britain into a cryptocurrency hub.

"This exemption is an important factor in attracting global investors, which means that foreign investors will not be taxed in the UK simply by appointing UK investment managers," HM Revenue and Customs, the government's tax authority, said in an email.


"To strengthen the UK's position as an investment management hub, this exemption has been extended to crypto-assets so that funds involving them are not set aside by the appointment of UK managers."
The country already has tax guidance for resident crypto traders.

In July, Her Majesty's Revenue and Customs published a consultation to seek the views of investors and professionals on how decentralized finance (DeFi) should be taxed.

Parliament is debating a sweeping financial services and markets bill that would give local financial regulators more authority over cryptocurrency if passed into law. The U.K. Treasury Department also plans to launch a consultation in the coming weeks on how to regulate the crypto sector. Open / Comment

2023-01-01 15:51:49 ​​ Italian authorities imposed a 26% tax on profits from trading in cryptocurrencies

Italy is facing a massive economic crisis. The 2023 budget has a deficit of 4.5% of GDP, while in September the deficit was projected at 3.4%. Therefore, it is not surprising that the authorities are looking for any ways to replenish the budget, including with the help of the cryptocurrency industry.

In addition to taxing cryptocurrency trading, there were many different measures in the budget to increase economic stability. As Italian Economy Minister Giancarlo Giorgetti said, his "mission was accomplished" after signing the budget.

The Italian authorities stressed that there is simply no other way to maintain economic stability against the backdrop of the global crisis. It is unclear how much money the Italian government hopes to get from cryptocurrency traders.

Plans to introduce a tax on profit from cryptocurrency trading in Italy became known at the beginning of December. Open / Comment

2022-12-31 12:36:14 ​​ Affected by the collapse of cryptocurrency platforms put up for sale the rights of claim

By December 30, the specialized platform Xclaim had 9,256 bids for the sale of claims for FTX, Celsius Network, BlockFi and Voyager Digital platforms going through bankruptcy proceedings.

Customers of collapsed cryptocurrencies expect to compensate to a certain extent for losses incurred and not to wait for the completion of the insolvency/reorganization procedure.

"Bankruptcy takes longer than investors can afford. Some people need or want money now," Vladimir Elisavcic, founder of specialized brokerage Cherokee Acquisition, explained to The Wall Street Journal.

So far, 9,072 Celsius Network users, 93 Voyager Digital users, 67 FTX users, and 23 BlockFi users have chosen to use Xclaim.

In an interview with the publication, service founder Matt Sedai said that lenders from around the world are using the platform's services. Two-thirds of the bids are from residents of China, Hong Kong and Taiwan.

Hedge funds like Contrarian Capital Management, Invictus Global Management and Novawolf Digital Management have bought some rights.

Professional asset managers have the capital and time to survive bankruptcies. An additional motivation is the prediction of realizing the growth potential of the tokens being redeemed.

Earlier, Celsius Network asked the court for an extension of the deadline for creditors to file claims.

Recall, according to Jefferies Financial, creditors of the crashed crypto exchange FTX will be able to recover no more than 40% of their investment. The restructuring costs of the platform are estimated at up to $1 billion. Open / Comment

2022-12-30 15:29:27 ​​ Bahamas regulator values blocked FTX assets at $3.5bn

The Bahamas Securities Commission (BSC) has taken deposits from the local FTX unit for security reasons. As of Nov. 12, the digital assets were worth more than $3.5 billion, the agency said.

On November 11, the BSC suspended FTX Digital Markets' (FTXDM) license and blocked the company's funds. On that day, the exchange and a number of affiliates filed for bankruptcy in the United States. The Bahamas-registered firm was not included in the filing.

Soon after that it became known about unauthorized withdrawal from FTX assets for more than $400 million.

BSC explained that, given media reports of potential hacking or possible insider activity, they transferred the blocked funds to their own digital wallets.

"The Commission has consistently taken the steps necessary to protect FTXDM's customers and the public interest by fulfilling its responsibilities," it said in a statement.

The BSC had earlier rejected FTX's claims regarding unauthorised access to the assets of the exchange's affiliate. The Commission noted that it had secured the support of the Supreme Court of the Bahamas.

That court will also decide on the further transfer of funds to customers and creditors of FTXDM or trustees of U.S. debtors. The Commission emphasized that it does not prioritize the interests of local exchange users.

Recall, BSC received information about the possible fraud FTX two days before its declaration of bankruptcy. Open / Comment

2022-12-29 16:18:35 ​​ Capriole Investments expects bitcoin at $600k

Bitcoin (BTC) cryptocurrency price will exceed $600 thousand, this opinion was expressed by Capriole Investments experts. They noted that the next decade could be as successful for the flagship digital currency as the 1970s were for gold.

In their opinion, the chart of bitcoin against the U.S. dollar (USD), will show a similar breakthrough. The fact is that in 2024, digital gold will become the "hardest asset" in the world. Despite the fact that BTC quotations have fallen almost 80% below its last historical high, Capriole Investments is not in a bearish mood.

The reason lies in the financial history of the world economy of the last century. In the seventies of last century, gold gained the status of the safest instrument for saving capital of that time. Its value showed tremendous growth during the decade.

Capriole Investments assured that in those years, gold was very small (and BTC even smaller compared to it) and it was able to make large movements through a decade of inflation and high interest rates. This is the main reason why bitcoin's value is predicted to skyrocket.

Given that bitcoin is only 2.5% of gold's market capitalization, its 80% drawdown in value is not critical in relation to the collapse of traditional markets. In addition, this performance is comparable to that of gold in 1970 and 1975.

Capriole Investments noted that there are many attributes that distinguish BTC from gold. For example, fair decentralization, instant transfer capabilities and its use for micropayments. Thus, bitcoin can already be considered stronger than gold. Experts recalled that gold rose in value 24 times in the 1970s. Open / Comment