Crypto Power - Shilling

2023-12-14 00:09:29 KuCoin settles with New York for $22 million and agrees to block users from state: Reuters

Crypto exchange KuCoin will exit the New York market and pay $22 million to settle a lawsuit brought by the state earlier this year, according to a report from Reuters. New York Attorney General Letitia James had sued the digital asset exchange in March for violating the state's laws. The suit had named ether, along with other tokens, as unregistered securities that KuCoin had listed in the state.

The settlement will see KuCoin pay $5.3 million to the state and refund $16.7 million worth of cryptocurrency to 177,800 New York investors, according to Reuters. New York has one of the most active U.S. states in terms of writing new crypto rules. Last month, the New York Department of Financial Services released guidance to strengthen how firms list or delist coins. Other crypto firms have been probed in New York as well. In 2021, crypto exchange Bitfinex and Tether settled with the New York attorney general's office for $18.5 million after a two-year dispute. KuCoin CEO Johnny Lyu announced the settlement as well on X. Open / Comment

2023-12-09 11:00:28 Seattle judge accepts former Binance CEO Changpeng Zhao's guilty plea

A U.S. district judge has accepted a guilty plea from former Binance CEO Changpeng Zhao on charges related to anti-money laundering violations. Zhao, also known as CZ, pleaded guilty last month to anti-money laundering and sanctions violations following years-long probes by federal regulators. Binance agreed to pay $4.3 billion in one of the largest corporate settlements in history. Zhao agreed to pay a $50 million fine and stepped down as CEO.

Zhao also stepped down as chairman of the board of directors for Binance.US last week, effectively removing his influence from Binance.US's governance and rendering his interest in the U.S. arm of the exchange "purely economic." Zhao has been active on X since stepping down as Binance CEO and pleading guilty. Over the past week, he has posted about his lunch, reposted the new Binance CEO Richard Teng and talked about taking risks. "10 years ago today, I quit my job, sold my house, and aped into #bitcoin," Zhao posted. "No, I am not saying you should do the same. Many people asked, how could you take such risks? Me, I knew I could easily get a job... Everyone's risk profile is different. Open / Comment

2023-12-05 21:11:39 Fortnite embraces the metaverse with 3 new ambitious games

LEGO Fortnite is described as “the ultimate survival crafting LEGO adventure,” introducing “vast, open worlds where the magic of LEGO building and Fortnite collide. Designed for people of all ages to enjoy together, the game will encourage creativity, experimentation and collaboration through play.” Rocket Racing meanwhile will be “a supersonic arcade racer where players drift, fly, and boost with friends through an ever-growing selection of tracks”.

Developed by Psyonix of Rocket League fame, this new mode offers a much more robust racing experience when compared to the standard Fortnite karting seen across the BR map. Last but certainly not least is Fortnite Festival: “a new music game where players can play in a band with friends or perform solo on stage with hit music by their favourite artists”. As with Rocket Racing, this rhythm game is developed by an Epic Games subsidiary – Harmonix – known best for creating both Guitar Hero. LEGO Fortnite will go live on the 7th of December, with Rocket Racing following closely just one day later on the 8th – and Fortnite Festival bringing up the rear on the 9th of December. Open / Comment

2023-12-02 18:49:34 UK Won’t Excuse Ignorance in the Hunt for Unpaid Crypto Taxes, Experts Say

The United Kingdom is cracking down on unpaid crypto taxes. Investors may not know that they owe the government money, but ignorance won’t work as an excuse, tax advisors told CoinDesk. In fact, the government could employ several different tactics to track down who’s not paying taxes or hiding crypto holdings, David Lesperance, founder of tax advisory firm Lesperance and Associates, told CoinDesk in an interview.

On Wednesday, the country's Treasury asked crypto investors to voluntarily calculate and disclose any unpaid income or capital gains taxes to avoid penalties or additional interest. Disclosure requirements apply to exchange tokens like bitcoin (BTC), non-fungible tokens (NFTs) and utility tokens. Some investors may not have even read the guidance or realized that their NFT trades could constitute taxable events, Dion Seymour, crypto and digital asset technical director at tax firm Andersen, told CoinDesk in an interview. "The Treasury is going to say, okay, if you're going to make us look for you, it's gonna cost you," Lesperance said. Open / Comment

2023-11-28 13:03:30 Ripple Excites XRP Army as Metaco Acquisition Brings Banks Closer

Swiss digital assets custody firm acquired by Ripple earlier this year, is working with HSBC, one of the world's largest banks, quickly became a reason to be cheerful for many supporters of the U.S. fintech’s ledger protocol, known collectively as the “XRP army.” XRP Ledger used by Ripple, these avid fans interpret HSBC’s choice of custody tech partner as yet another sign that financial institutions will inevitably adopt XRPL and, crucially, the XRP token.

The crypto space is ferociously tribal. Token holders want to believe their blockchain of choice will rise to prominence and deliver a windfall – sometimes to a point that defies logic. For instance, the assumption that Ripple’s recent acquisition spurred HSBC’s decision ignores the fact that Metaco had been courting the bank for over 18 months, according to Adrien Treccani, the Swiss custody firm’s CEO. Ripple, for its part, has worked hard at courting banks, with a focus on ways to reduce the friction in areas like cross-border payments. As such, XRPL remains one of the longest-running examples of a private tokenization blockchain, said Treccani. Open / Comment

2023-11-25 19:50:34 User claims $11M in Blur token rewards at NFT marketplace’s season 2 airdrop

A pseudonymous nonfungible token (NFT) trader made around $11 million in the recent airdrop reward distribution conducted by the NFT marketplace Blur. Dune analytics data showed that a wallet with the Ethereum Name Service (ENS) tag called “hanwe.eth” claimed a total of 22,851,000 Blur (BLUR) tokens in the season two airdrop of Blur. At the time of writing, coin price tracker CoinGecko showed the amount is worth around $11.2 million.

The end-of-season airdrop is one of the strategies employed by Blur to attract traders to use its platform. Blur rewards those who traded NFTs on the platform at the end of each season. The rewards vary depending on users’ activities within the NFT trading platform. In the most recent airdrop, Blur allocated a total reward pool of 300 million tokens worth $146 million at current BLUR prices. Around 38,000 addresses have already claimed their rewards, putting the total number of claimed tokens at 267 million. NFT whale Jeffrey Hwang, commonly known as Machi Big Brother, cursed at Blur after receiving 6 million tokens worth around $2.9 million. Open / Comment

2023-11-23 01:04:03 Bitcoin Held in Exchange Wallets Rising at Pace of $1.16B a Month, Data Show

Bitcoin (BTC) stashed in wallets tied to centralized cryptocurrency exchanges is rising at the fastest pace since May, hinting at a potential bull pause in the market. Blockchain analytics firm Glassnode's bitcoin exchange net position change metric, which measures the number of coins held by exchange wallets on a specific date compared to the same date four weeks ago, rose to 31,382.43 BTC ($1.16 billion) on Sunday.

An inflow into exchange wallets is widely taken to represent investors' intention to liquidate their holdings, a potential selling pressure, or deploy coins as a margin in futures and options markets. Meanwhile, an outflow represents accumulation. The BTC exchange net position change has been consistently positive since Nov. 1. Historically, such periods have coincided with bull market breathers or price pullbacks. The safety of coins held in exchange wallets came into question late last year after Sam Bankman Fried's FTX exchange collapsed, which, at the time, was the third largest. That saw investors move coins off exchanges and into their direct custody. Open / Comment

2023-11-20 15:12:37 More Bitcoin ETF Rejections 'Quite Likely,' BitGo's Belshe Says

BitGo CEO Mike Belshe said it's "quite likely" the U.S. Securities and Exchange Commission (SEC) will reject a series of spot bitcoin (BTC) exchange-traded fund (ETF) applications despite industry-wide optimism. Speaking in a Bloomberg interview, Belshe said the SEC might reject current applications on the basis that exchanges and custody are not separated. Coinbase (COIN) has been selected by several applicants as a custody partner for a potential ETF.

Belshe says the SEC could reject ETF applications until exchanges and custody separate out. "There are a lot of risks in that entity Coinbase that are not understood," Belshe said. "I think that the SEC could quite likely come back and say: 'Nope, you've got to separate out those things fully before we move forward.'" Several ETF analysts have said that the chances of an ETF being approved in January are around 90%. The SEC has rejected numerous applications over the years, citing concerns over potential market manipulation and a lack of customer protection. Fund manager BlackRock filed an application for a spot bitcoin ETF in June. Since then, the price of BTC has rallied by 45% to $36,200, according to TradingView data. Open / Comment

2023-11-17 10:40:33 NFT sales volume upward trend to continue, industry execs say

In the weeks leading up to November, nonfungible token (NFT) data showed a consistent upward leap in weekly sales. While the volume is still far from its peak in 2021, executives in the industry believe the upward trend will likely continue. On Nov. 6, data published by blockchain analytics firm Nansen showed that NFT sales volume leaped from $56 million in the week ending on Oct. 9 to $129 million in the week ending on Nov. 6. According to Jonathan Perkins, the co-founder of NFT marketplace SuperRare.

Perkins also believes that the downturn in NFTs was “purely sentiment.” The SuperRare co-founder told Cointelegraph in a statement that in the past 18 months, nothing “inherently went wrong” with NFTs. “NFTs are a fundamental advancement in the internet because they introduce traceable origin and ownership to digital objects. This unlocks a new online creator economy that can be 100x bigger than Web2,” he added. The executive also believes that in the long term, NFTs will be a big part of the online economy, and the space will see volumes that “eclipse those of the last cycle.” Meanwhile, Oscar Franklin Tan, the chief financial officer of NFT platform Enjin, echoed the sentiments. Open / Comment

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