Trade Crypto Now

2022-11-25 06:23:02 Ravencoin spikes 20% following Binance Pool announcement

Ravencoin (RVN) spiked 20% following Binance Pool’s announcement of mining services for the proof-of-work (PoW) coin. According to CryptoSlate data, RVN jumped to $0.024 from $0.021 within one hour of the revelation.

Binance Pool’s announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts. Ravencoin was one of the proof-of-work networks miners flocked to after Ethereum transitioned to the Proof-of-Stake consensus mechanism. The initial rush saw its hashrate increase by as much as 5-times.

Source

@TradeCryptoNow Open / Comment

2022-11-24 06:57:02 Block Earner Sued For Alleged Unauthorized Crypto Services

Block Earner, a fintech business in Sydney, has been sued by Australia's financial watchdog over suspicions that it sold unregistered cryptocurrency goods. There are numerous levels of products available from Block Earner that provide a return on cryptocurrency holdings.

According to the Australian Securities and Investment Commission, or ASIC, these services are unauthorized managed investment schemes that ought to have been regulated. In a statement given by the regulator, ASIC stated that it has started a civil fine case with the federal court to obtain proclamations, injunctions, and monetary sanctions. The court has not yet set a date for the initial hearing.

Source

@TradeCryptoNow Open / Comment

2022-11-23 06:20:02 Dubai's DMCC partners with ComTech for blockchain-based gold trading

Dubai Multi Commodities Centre (DMCC) has partnered with ComTech Gold to enable blockchain-based trading of physical gold bars. an online platform created by the DMCC to track the provenance of physical commodities kept in its vaults in the UAE.

The actual tokenization will happen on the XDC blockchain network with the creation of ComTech Gold Tokens, or CGO. Each CGO will represent one gram of gold stored in a DMCC vault. Every gold bar deposit will carry a Tradeflow warrant for additional security and transparency. The UAE ranks fourth on the list of global gold consumption behind China, India, and the United States. Gold consumption in the UAE reached 12.5 tonnes in Q1 2022, a 50% increase from the previous year.

Source

@TradeCryptoNow Open / Comment

2022-11-22 07:05:02 South Korea and Singapore Hit Hardest by FTX Collapse: Report

The fallout from the FTX collapse will be measured for years to come. Geographically, three Asian countries have been impacted the most. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not the amount lost by customers in each country.

The third largest user base was also an Asian country, with Japan accounting for 223,513 unique users on average visiting FTX.com monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year, it reported. Taiwan and India were also in the top ten, and Asian countries in the top 15 accounted for more than 25% of the users of FTX. The details from the FTX bankruptcy filings were unveiled over the weekend.

Source

@TradeCryptoNow Open / Comment

2022-11-21 06:02:02 FTX Launches Strategic Review of Assets as Hacker Dumps ETH

Bankrupt FTX has launched a strategic review of all its assets to see how they can be recovered for maximum value for its stakeholders’ benefit. A Nov. 19 press statement from the bankrupt crypto exchange said the strategic review would be for FTX Trading Ltd, known as FTX.com, and the over 100 companies affiliated with it.

According to the press release, many of the regulated and licensed subsidiaries of FTX, both inside and outside the US, like LedgerX LLC and Embed Clearing LLC, have “solvent balance sheets, responsible management, and valuable franchises.”. To go ahead with the assets review, the bankrupt exchange has submitted motions before the bankruptcy court. It is asking for an interim relief that will allow the operation of a global cash management system and allow the company to pay critical vendors.

Source

@TradeCryptoNow Open / Comment

2022-11-20 06:43:02 Canada’s largest pension fund writes off $95M FTX investment

According to the pension fund, it made two investments in the embattled exchange between October 2021 and January 2022 through its Teachers’ Venture Growth (TVG) platform. Its first investment in Oct. 2021 was worth $75 million, while its second investment was $20 million.

Ontario Teachers revealed that it carried out a robust due diligence process that explored the exchange-provided materials and other research materials on commercial, regulatory, tax, financial, technical, and other matters. The pension fund said the financial loss from the FTX investment would have a minimal impact on its plan, given its size relative to its total net assets and strong financial position.

Source

@TradeCryptoNow Open / Comment

2022-11-19 06:13:02 Bitstamp Follows Other Exchanges in Canceling Orders for FTX and Celsius Tokens

Bitstamp is set to disable new orders and cancel existing orders for all FTT and CEL trading pairs, it announced on Friday. FTT is the proprietary exchange token of FTX, which offered customers small discounts on trades for holding FTT before the firm’s high-profile slide into bankruptcy last week.

CEL offered users of the now defunct crypto lender Celsius a small increase in rewards on the platform before the lender shut down withdrawals in June. The move comes after many other exchanges in the crypto world have already started prohibiting users from trading FTT: Binance removed the FTT/BTC, FTT/BNB, FTT/ETH and FTT/USDT trading pairs from its platform earlier this week.

Source

@TradeCryptoNow Open / Comment

2022-11-18 08:25:04 FTX bankruptcy filings highlight 'complete failure of corporate controls'

Fresh FTX bankruptcy filings called out Sam Bankman-Fried and the rest of the failed crypto exchange's leadership for a "complete failure of corporate controls" and cited the former CEO's "incessant disruptive tweeting" since the exchange imploded. If granted, the move would help consolidate the myriad of bankruptcies into one U.S. court.

The company’s bankruptcy lawyers argue that Bankman-Fried is actively trying to disrupt the bankruptcy process for the myriad of corporate entities that fall under the FTX umbrella. The embattled crypto mogul has set up a fight against the lawyers and executive hired to shepherd the wind-down process, the new CEO and lead lawyer for FTX’s bankruptcy argue. The filing lays out FTX’s current assets and describes the case as “unprecedented”

Source

@TradeCryptoNow Open / Comment

2022-11-17 06:24:02 Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg

FTX investors including Temasek, Sequoia Capital and SoftBank are writing off hundreds of millions of dollars they poured in the now-failed exchanged, Bloomberg reported, citing people familiar. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets.

Singapore's Temasek International is writing off its up to $300 million FTX investment, while Sequoia Capital wrote down the full value of its $214 million bet on the exchange. SoftBank Group Corp. is expecting a loss of $100 million on its investment. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets by former CEO Sam Bankman-Fried that he's trying to raise liquidity and make customers whole.

Source

@TradeCryptoNow Open / Comment

2022-11-16 05:50:04 Solana Foundation reveals minimal exposure to FTX

According to the Foundation, it also had 3.43 million FTX tokens (FTT) and 134.54 million Serum (SRM) tokens on the exchange before it stopped processing withdrawals. Serum is a Solana-based decentralized exchange founded by Sam Bankman-Fried (SBF).

The Foundation continued that FTX and its sister company Alameda Research purchased 50.5 million units of Solana between August 2020 and January 2021. These tokens are valued at over $700 million based on the current value of SOL and are scheduled to unlock in 2028. Apart from that, Solana Labs said it sold over 7.56 million SOL ($106 million) to Alameda Research in 2021.

Source

@TradeCryptoNow Open / Comment