Crypto
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Cryptotrader Jeremy Spence gets 42 months in prison for deception
A 25-year-old crypto trader from Rhode Island, Jeremy Spence, also known as “Coin Signals” on social media channels, was sentenced to 42 months in prison. He was charged with defrauding 170 people for more than $5.37 million. Fake investment funds The Department of Justice (DoJ) issued a press release saying that Spence had been operating several crypto investment funds between November 2017 and April 2019. These include the Coin Signals Bitmex Fund, the Coin Signals Alternative Fund and the Coin Signals Alternative Coin Signals Long Term Fund. Investors interested in the fund would transfer cryptocurrencies such as Bitcoin and Ethereum to Spence who in turn made false promises of high returns. Judge Lewis Kaplan of the United States District Court for the Southern District of New York sai...
Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake
Sam Bankman-Fried, the billionaire founder and CEO of cryptocurrency exchange FTX has acquired a substantial 7.6% stake in the popular online brokerage, Robinhood. The news was well received by the market, with Robinhood’s (HOOD) stock price initially soaring over 30% in after hours trading. At the time of writing the price has settled to a 24% overall gain. According to a securities filing made with the Securities and Exchange Commission on Thursday, Bankman-Fried purchased a total of $648 million in Robinhood shares at an average price of $11.52. The purchases disclosed by Bankman-Fried reportedly began in mid-March and continued through until Wednesday. In the securities filing, Bankman-Fried made it clear that he had, “no intention of taking any action toward changing or influenc...
TZ APAC’s Colin Miles: Blockchain will be taught in classrooms in 3-5 years
Colin Miles, the newly-appointed CEO of TZ APAC expects blockchain and web 3.0 curricula to start becoming an integral part of secondary and tertiary education within the next three to five years. “I would think it’s that classic medium-term, three-to-five timeline,” said Miles. Miles was speaking to Cointelegraph after the announcement of TZ APAC’s partnership deal with the National University of Singapore (NUS)’s School of Computing on May 10, which will see the Tezos agency supporting the development of the university’s new center for Nurturing Computing Excellence. Miles said: “If you have a dedicated center in NUS, which runs blockchain courses every day of every week for students… it will become part of the fabric of one of the best computing schools in the world. I would...
Vitalik donates $4M to Uni of NSW for pandemic detection tool
Ethereum co-founder Vitalik Buterin has donated $4 million worth of USD Coin (USDC) to the University of New South Wales (UNSW) to support the development of a pandemic detection tool. The capital, which equates to roughly $5.3 million Aussie dollars, is part of Buterin’s self-described “moonshot anti-COVID effort” dubbed Balvi Filantropic Fund in partnership with the Shiba Inu memecoin project (SHIB) and Crypto Relief. The funds will further support the development of the OISNT-based EPIWATCH tool which utilizes artificial intelligence (AI) and open-source data to create early pandemic warning signs. Created by Kirby Institute Professor and Biosecurity Research head Raina MacIntyre the tool scans millions of items of publicly available online data, including social media and news reports ...
SEC’s Hester Peirce says new stablecoin regs need to allow room for failure
Commissioner Hester Peirce — also known as the Securities and Exchange Commission’s (SECs) “crypto mom” — has backed a regulatory framework for stablecoins that allows “room for there to be failure.” Speaking at an online panel on May 12 hosted by financial think-tank the Official Monetary and Financial Institutions Forum (OMFIF) Peirce, who has long been an advocate for crypto, was asked to shed light on the actions being taken by U.S. regulatory bodies in regard to cryptocurrency. “One place we might see some movement is around stablecoins,” Peirce answered, “that’s an area that has gotten a lot of attention this week.” “It’s been one area within crypto that’s really had quite a moment and there’s a lot of stablecoin use and therefore people are thinki...
Crypto-associated stocks hammered as COIN and HOOD drop to record lows
Bad news continues to dominate crypto media headlines and May 12’s juiciest tidbit was the unexpected collapse of the Terra ecosystem. In addition to the weakness seen in equities, listed companies with exposure to blockchain startups and cryptocurrency mining have also declined sharply. Bitcoin mining stocks continue bleeding… Mining investors probably wish they had simply bought bitcoin instead at the beginning of 2022, as most bitcoin mining stocks have underperformed bitcoin by a wide margin. pic.twitter.com/anSoUEoUJ1 — Jaran Mellerud (@JMellerud) May 11, 2022 While it may be easy to blame the current pullback solely on Terra’s implosion, the truth is that the price of Bitcoin mining stocks has largely mirrored the performance of BTC since reaching a peak in November...
US Senate confirms Jerome Powell for another four years as Fed chair
The United States Senate has confirmed the nomination of Jerome Powell as the chair of the board of governors of the Federal Reserve System until 2026. In an 80–19 landslide vote on the Senate floor on Thursday, U.S. lawmakers confirmed Powell as chair of the Federal Reserve, a position he held from February 2018 until February 2022, when he was named chair pro tempore until a confirmation vote could be secured. Powell was one of four Fed nominees awaiting a full Senate vote following weeks of delays due, in part, to partisan obstructionism — Republican lawmakers in the Senate Banking Committee boycotted a meeting in February that would have likely sent Powell’s nomination to the Senate for a vote earlier. However, some of United States President Joe Biden’s nominations for the Fed have re...
Look out below! Ethereum derivatives data hints at further downside from ETH
Ether (ETH) is down 38% in three weeks and the current $2,000 level is 59% below the $4,870 all-time high that was reached in November 2021. Additional newsflow that added to the current market wide volatility were the bankruptcy fears that emerged after Coinbase, the largest U.S. exchange reported a $430 million first-quarter 2022 loss. In the most recent 10-Q filing Coinbase included the following disclosure: “In the event of a bankruptcy, the crypto assets we hold on behalf of our customers may be subject to bankruptcy proceedings.” Regulatory uncertainty was also partially responsible for Ether’s sharp correction. On May 11, Kukmin, a South Korea-based newspaper, reported a leaked draft of the upcoming governmental “Digital Asset Basic Act (DABA)” bill. Th...
Shanghai court affirms that Bitcoin is virtual property, subject to property rights
The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC). The lower court recognized Bitcoin as having value, scarcity and disposability, and therefore being subject to property rights and meeting the definition of virtual property. According to the Sina website, the Shanghai Baoshan District People’s Court ruled in favor of plaintiff Cheng Mou, ordering defendant Shi Moumou to return the Bitcoin. When the defendant failed to do so, the case was returned to the court, which held a mediation in May 2021. Since the defendant no longer had possession of the Bitcoin, t...
Crypto mining stocks crash as the market continues bleeding heavily
Bitcoin is down 13% in the last 24 hours, extending a bearish run that has wiped almost 30% of its value over the last seven days The massive-sell off has been felt by Bitcoin mining companies whose stock has registered declines Terra’s collapsing ecosystem has been the biggest headline in the crypto sector, but it isn’t the only crypto entity that has been affected by the market downturn. Its native token LUNA crumbled after continued losses totalling 98% in the last 24 hours. Its related stable coin, TerraUSD, has suffered a similar fate – down to $0.4711 against the dollar. Bitcoin is faring badly itself but is much better than Ethereum and many other altcoins. The flagship asset today fell below $28,000 – a low it hasn’t visited since December 2020. Notably, the latest b...
Best tokens you can buy during the market dip on May 12
Brazil’s Nubank will allow customers to buy Ethereum (ETH). TRON DAO Deploys $2 billion to protect TRX FTX burns $7.6 million worth of FTT. Justin Sun, the founder of Tron (TRX), made an announcement on May 11 that the TRON DAO deployed $2 billion as a means of protecting TRX following the crash of the Terra (LUNA) cryptocurrency. On May 11, 2022, the Brazilian fintech and banking app, Nubank, started offering capabilities powered by Paxos. Specifically, it allowed cryptocurrencies such as Ethereum to be bought on the platform. FTX burned a total of 7.6 million USD worth of FTT on May 11, 2022, as well. Should you buy TRON (TRX)? On May 12, 2022, TRON (TRX) had a value of $0.06894. The all-time high of TRON (TRX) was on January 5, 2018, when it reached $0.231673. At its ATH, the token...
ApeCoin rebounds after APE price crashes 80% in two weeks: Dead cat bounce or bottom?
ApeCoin (APE) has undergone a sharp recovery after falling to its lowest level in two months. But its strong correlation with Bitcoin (BTC) and U.S. equities amid macro risks suggests more losses could be in store. APE rebounds after 80% losses in two weeks APE rebounded by nearly 45% to $7.30 on May 12. The upside retracement move came after APE dropped circa 81% to $5 on May 11, from its record high near $27.50, established on April 28. The seesaw price action mirrored similar volatile moves elsewhere in the crypto market, led by the chaos around TerraUSD (UST) — an “algorithmic stablecoin” whose value plunged to $0.23 earlier this week, and the Federal Reserve’s hawkish response to rising inflation. APE/USD versus USTUSD. Source: TradingView Meanwhile, the correla...
