InvestmentTradingUpdates

2023-01-12 11:55:02 Thai regulator investigating Zipmex over potentially unauthorized earn program

The Securities and Exchange Commission of Thailand is investigating the local unit of troubled crypto exchange Zipmex over its earn program because of concerns that appear to include how the company represented the interest payments it made.

The regulator is demanding clarity from Zipmex Company Limited, Zipmex's Thailand unit, about how the program called "ZipUp/ ZipUp+" operated, according to a letter it sent to unit CEO Akalarp Yimwilai on Dec. 28 that was obtained by The Block. The letter states that Zipmex may have violated the country's regulations by offering the earn program without approval. Zipmex Thailand had gone beyond what it initially said about the program.

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2023-01-11 09:47:02 Ripple's XRP leads CoinShares inflows in otherwise down week

Ripple's XRP saw inflows at CoinShares in the first week of the year as investors fled bitcoin and ether. About $3 million was added in XRP, representing 9% of CoinShares's assets under management, the company said, citing improving clarity on its legal case.

Bitcoin saw outflows of $6.5 million and ether of $3 million. It was the eighth week in a row of ether outflows. The SEC sued Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies that XRP is a security. Trading volumes remained low at about $5 billion a day, compared with $9 billion in 2022, CoinShares said.

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2023-01-10 13:21:02 Crypto VCs say half their token bets are sidelined with no launch date in sight

Keeping tabs on performance should be easy for venture capitalists in crypto. The bulk of their bets, if not all of them, are denominated in liquid tokens that can be marked to market at any time. Take Spartan Group, one of the more active investors in decentralized finance.

Of the 108 projects that Spartan has backed through its $110 million DeFi fund, less than 40% have listed on exchanges, according to an investment report for the third quarter of 2022 obtained by The Block. Kelvin Koh, managing partner at Spartan Labs, said the fund in question invests in early-stage ventures, and that part of its returns — even for projects that have launched tokens — are unrealized.

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2023-01-09 10:59:02 Wyre limits withdrawals to 90% of funds held in customer accounts

Crypto payment provider Wyre announced a change in rules that will limit customers to withdrawing no more than 90% of the funds currently held in each account. This new rule applies to all customers using its services and means.

Wyre said that by reducing the amount customers are able to withdraw, the firm will be better positioned to weather potential financial storms ahead. The company said the new withdrawal limit would "enable it to navigate the current market environment.".Wyre said its operations would continue. "Our operations continue and we will share information with the community as it is available," it noted.

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2023-01-08 10:32:03 Crypto losses in 2022 total $3.9 billion, Immunefi report says

The crypto industry as a whole lost $3.9 billion in 2022, according to a new report from bug bounty platform Immunefi. Of those, only 5.2% were recovered, totaling around $204.2 million across 12 instances, the firm also said.

Most losses were due to hacks, while only 4.4% could be attributed to frauds, scams, and rug pulls. DeFi was the main target of those exploits while CeFi was a distant second, according to Immunefi. Among the largest crypto hacks carried out last year were the attack on Ronin Network, resulting in the loss of $625 million, and FTX, which lost between $370 million and $400 million.

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2023-01-07 12:46:02 Crypto Exchange Huobi Experiences $60M Token Outflows in a Day: Nansen

Traders may be skeptical about the continued health of Huobi, on-chain data indicates.The exchange, which saw turbulent trading in the Asia hours for its HT token after it confirmed a 20% headcount reduction.

Nansen notes that the highest outflows came from stablecoins USDT, USDC and ether (ETH) wallets that had high balances. Meanwhile, Justin Sun, who sits on Huobi's advisory board, sent $100 million to the exchange. On-chain research house Look On Chain said wallets historically tagged to Sun withdrew $100 million in USDC and USDT from Binance.

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2023-01-06 12:20:04 Genesis CEO Asks for More Time as Winklevoss Pressures Parent Company DCG

The CEO of crypto broker Genesis has asked for time to sort out its troubled lending unit as its parent company Digital Currency Group (DCG) faces increasing pressure. Genesis halted withdrawals in November following the crash of crypto exchange FTX.

On Monday, Gemini co-founder Cameron Winklevoss wrote an open letter to DCG CEO Barry Silbert, accusing him of “bad faith stall tactics.” He claims his company has tried to work out a solution to getting the cash back but to no avail. Genesis interim CEO Derar Islim said in a Wednesday update to clients that the company is intent on sorting the problem out. Cameron Winklevoss claims that DCG owes Genesis a total of $1.675 billion.

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2023-01-05 12:55:06 UK National Crime Agency to Launch Specialized Crypto Team

The UK’s National Crime Agency (NCA) is set to form a new team with a remit to proactively investigate cryptocurrency crime, dubbed the National Cyber Crime Unit (NCCU) Crypto Cell. The initial team will be made up of five officers based within its existing NCCU.

NCA noted that the crime prevention body’s interest in stopping crypto crime “is not a new thing,” however, the formation of this new unit does “signal an increased focus” on policing crypto assets.the government body will look to support existing and new investigations where specialist cryptocurrency experience is needed and will take a “proactive lead” in identifying potential targets for further investigation.

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2023-01-04 12:11:02 Gemini's Winklevoss, DCG's Silbert spar over frozen funds on Genesis

Gemini co-founder Cameron Winklevoss accused Digital Currency Group head Barry Silbert of "bad faith stall tactics" and comingling funds at his conglomerate in a pointed open letter posted on Twitter early Monday that sought answers to why more than $900 million.

Gemini's Earn program, which allowed individuals to lend out their digital assets for an expected yield, has been frozen since mid-November amid a liquidity crises at Genesis and DCG that was kicked off in the wake of FTX's collapse. Genesis Global Capital, the lending business of Genesis Trading, suspended redemptions and new loan originations in November shortly after Sam Bankman-Fried's exchange filed for bankruptcy protection.

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2023-01-03 07:23:02 Binance to Re-Enter South Korea by Acquiring Local Exchange

The world’s largest crypto trading platform is reportedly close to completing the acquisition of Gopax – one of the most utilized Korean exchanges. Binance had “recently completed due diligence on the acquisition of Gopax.”

The coverage said Binance planned to announce the purchase around Christmas, but it was delayed due to last-minute discussions about the value of the deal. The CZ-led exchange will buy a 41.2% stake from Gopax’s current CEO – Lee Jun-Haeng, who is also the largest shareholder. Gopax is one of the five largest digital asset exchanges in Korea, alongside Coinone, Upbit, Corbit, and Bitsum.

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