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Addressing the Big Eyes Rug Pull Incident: A Commitment to Transparency and Investor Protection
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About Mooky.io
Mooky.io is the cutest and coolest meme token of 2023, pioneering a new wave of environmentally conscious and community-governed cryptocurrencies. With a focus on global tree-planting initiatives and decentralized decision-making, Mooky.io aims to inspire change and create a positive impact in the crypto space.
Belgian financial authorities have issued a directive to Binance, a leading cryptocurrency exchange, demanding the immediate cessation of all virtual currency services in the country.
The Belgian Financial Services and Markets Authority (FSMA) took this action after Binance failed to provide satisfactory information regarding its non-European Economic Area (EEA) companies.
The FSMA’s notice, released on June 23, highlighted that Binance’s offering of crypto-related services from non-EEA countries violated Belgian laws concerning Anti-Money Laundering and Combating the Financing of Terrorism.
Consequently, the financial regulator instructed Binance to halt all associated services in Belgium with immediate effect.
According to the FSMA, Binance had control over an estimated 19 companies located outside the EEA that were involved in its operations or technical support.
However, these companies were not disclosed in the terms and conditions agreed to by Belgian users when signing up for Binance’s services.
Despite multiple requests for information, the regulator found Binance’s responses inadequate in identifying the nature of services provided by these companies.
The FSMA stated, “Despite the opportunities offered to Binance on several occasions, the latter has failed to demonstrate, with due documentation and proof, that the exchange services between virtual currencies and legal currencies and the custody wallet services that it offers and provides within Belgium.
The exchange services which are carried out by means of a legal entity governed by the law of another member state of the European Economic Area that is duly authorized by its home member state to carry out these activities, including within Belgium.”
As part of the order, Binance is required to notify and return all cryptocurrencies and private keys held for its clients based in Belgium.
In response to the FSMA’s decision, a spokesperson for Binance expressed disappointment and confirmed that the company would review the regulator’s notice.
This move by the FSMA is part of a broader trend, with multiple national regulators taking action against Binance.
Notably, the United States Securities and Exchange Commission (SEC) is currently pursuing a lawsuit against the exchange and its U.S. entity for alleged violations of securities laws.
Additionally, in January 2022, a Belgian parliament member, Christophe De Beukelaer, made headlines by announcing his intention to receive his government salary in Bitcoin for a year.
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Circle and Sequoia Capital were among the top depositors at Silicon Valley Bank (SVB) before its collapse, according to a recent report by Bloomberg.
Other significant depositors included SVB itself, SVB Financial Group, Altos Labs, a biotechnology research company, and Kanzhun, a China-based firm.
Documents provided by the Federal Deposit Insurance Corporation (FDIC) indicated that Circle, Sequoia, and other depositors had billions of dollars covered.
This was an exception to the usual FDIC insurance limit of $250,000 per depositor. In response to the collapse of SVB, the Federal Reserve announced its collaboration with the FDIC to compensate insured and uninsured depositors.
Circle, a stablecoin issuer, held approximately $3.3 billion in deposits, while Sequoia Capital had around $1 billion.
The failure of SVB and subsequent collapses of Signature Bank and First Republic Bank have drawn attention to how deposit insurance is handled by regulators in the United States.
The Fed, FDIC, and Treasury Department deemed the coverage of SVB and Signature deposits over $250,000 as a “systemic risk exception” but are said to be considering an increase in the insurance limit.
Following SVB’s collapse in March and Circle’s confirmation of approximately $3.3 billion exposure to the bank, the value of its stablecoin, USD Coin, briefly deviated from the U.S. dollar.
However, Circle has since announced its plans to launch a native version of USDC on the Arbitrum network in June. This move aims to strengthen the stability and accessibility of its stablecoin.
The events surrounding SVB’s collapse have highlighted the importance of regulatory oversight and insurance in the cryptocurrency and banking sectors.
As the industry continues to evolve, discussions about risk management and investor protection are likely to shape future regulatory frameworks.
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FTX, the collapsed cryptocurrency firm, has taken legal action against investment firms and individuals connected to its previous operations in an attempt to reclaim over $700 million.
The lawsuit was filed on June 22 in the United States Bankruptcy Court for the District of Delaware and includes 16 counts against the defendants.
Among the defendants named in the lawsuit are K5 Global, an incubator and investment company, as well as Mount Olympus Capital and SGN Albany Capital, along with their affiliated entities.
Michael Kives and Bryan Baum, co-owners of K5 Global, are also listed as defendants. Kives, a former talent agent and aide to Hilary Clinton, hosted a dinner party attended by FTX’s then-CEO, Sam Bankman-Fried (SBF), in 2022.
The lawsuit described the event as a gathering of prominent individuals, including celebrities, billionaires, and a former presidential candidate.
According to the lawsuit, FTX-affiliated crypto trading firm Alameda Research transferred $700 million to Kives, Baum, and K5 Global.
However, the transfers were disguised as transactions between shell companies SGN Albany and Mount Olympus Capital.
The lawsuit aims to recover the funds that were transferred from Alameda Research to SGN Albany Capital and subsequently from Kives, Baum, and SGN Albany Capital to Mount Olympus Capital.
The lawsuit alleges that these transfers were avoidable and lacked equivalent value. In bankruptcy law, an avoidable transaction can be reversed under relevant regulations.
The lawsuit also highlighted the close personal ties between Kives, Baum, and SBF, with Baum even having his own bedroom in FTX’s Bahamas residence.
After FTX’s collapse, the suit claims that Kives and Baum collaborated with Bankman-Fried on a strategy to secure a bailout for FTX Group and protect their own interests.
In response to the lawsuit, K5 Global issued a statement to Cointelegraph, dismissing the claims as meritless.
They emphasized that K5 is a venture capital firm with over $1 billion in assets under management and unrelated to any funds from Bankman-Fried and his affiliates.
The spokesperson stated that K5 believed they were engaging in a legitimate and mutually beneficial business relationship with Bankman-Fried and considered the lawsuit to be baseless.
The lawsuit includes nine counts related to fund transfers, with Kives and Baum individually charged with aiding and abetting breach of fiduciary duty and dishonest assistance. SGN Albany Capital is charged with unjust enrichment.
The legal proceedings will determine the validity of these claims and the potential recovery of the funds sought by FTX.
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The International Monetary Fund (IMF) has emphasized the need for regulations on cryptocurrencies in certain countries while cautioning against an outright ban as an ineffective approach.
In a report published on June 22, the IMF examined the regulation and utilization of digital currencies in Latin America and the Caribbean region.
The report highlighted the diverse strategies employed by local governments to address the adoption of cryptocurrencies and central bank digital currencies (CBDCs).
El Salvador, for instance, made history by accepting Bitcoin as legal tender in September 2021, while the Bahamas became the pioneer in launching its own CBDC, known as the Sand Dollar, in October 2020.
The IMF identified Brazil, Argentina, Colombia, and Ecuador as countries where crypto regulation is currently in progress.
These nations ranked among the highest globally in terms of digital asset adoption, with the aim of assisting the unbanked population, facilitating faster and more affordable payment transfers, and more.
Furthermore, the report stated that most central banks in the region have either implemented or are considering the adoption of digital currencies.
The IMF stated, “If well designed, CBDCs can strengthen the usability, resilience, and efficiency of payment systems and increase financial inclusion in Latin America and the Caribbean.”
The organization suggested that a complete ban on crypto assets, although implemented by a few countries due to perceived risks, may not yield desired long-term results.
Instead, the region should concentrate on addressing the underlying factors driving demand for cryptocurrencies, such as the unmet digital payment needs of citizens.
Furthermore, improving transparency by recording crypto asset transactions in national statistics was highlighted as an important step.
It is worth noting that the IMF has frequently expressed its opposition to countries adopting cryptocurrencies as legal tender.
In a controversial move, Tobias Adrian, the director of the monetary and capital markets department at the IMF, proposed on June 19 the implementation of a payment system that utilizes a single ledger to record CBDC transactions.
This idea was met with strong criticism from many individuals within the crypto space.
The IMF has called for crypto regulation while cautioning against an outright ban in certain countries.
The organization believes that well-designed CBDCs can enhance payment systems, improve financial inclusion, and address citizens’ unmet digital payment needs.
Rather than banning cryptocurrencies, the IMF suggests focusing on the drivers of crypto demand and enhancing transparency by recording crypto asset transactions in national statistics.
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During the House Financial Services Committee’s semi-annual hearing on Federal Reserve policy, Chair Jerome Powell expressed the Federal Reserve’s perspective on stablecoins, stating that they are considered a form of money.
Powell’s remarks were made in response to Maxine Waters, the committee ranking member, who sought his opinion on the proposed stablecoin bill, a Republican-led initiative that would mark the first cryptocurrency legislation in the United States if enacted.
Waters raised concerns about the bill, pointing out that it would establish 58 different licenses with federal regulatory approval only granted to two of them.
The remaining licenses would be issued by states, territories, and other jurisdictions, a move that Waters criticized for taking state preemption to an unprecedented level. Powell, in response, asserted, “We do see payment stablecoins as a form of money, […] and we believe that it would be appropriate to have quite a robust federal role in what happens in stablecoin going forward.”
He further added that permitting significant private money creation at the state level would be an error.
Notably, Powell’s stance contrasts with that of Securities and Exchange Commission (SEC) Chair Gary Gensler, who previously emphasized the potential requirement for registration and regulation of stablecoins, excluding Bitcoin, which he considers a security.
Powell’s position also diverges from Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam’s view that stablecoins should be categorized as commodities.
While the Federal Reserve lacks a readily accessible definition of money, it is generally regarded as a medium of exchange.
In contrast, commodities are defined under U.S. law as “goods and articles […] and all services, rights, and interests […] in which contracts for future delivery are presently or in the future dealt in.” The definition of a security is more complex.
Former CFTC Chair Chris Giancarlo also weighed in on the stablecoin bill, noting in an editorial in The Hill that all licensing authorities would possess the discretion to pressure stablecoin protocols into denying services to lawful but politically disfavored businesses.
Giancarlo referred to this as a “glaring omission” that could potentially enable a government policy resembling the Obama administration’s Operation Choke Point.
He proposed a simple solution to the problem: restricting government licensing authorities from selectively choosing among otherwise lawful activities and conditioning licensure on the stablecoin’s rejection of legal transactions.
Giancarlo cautioned that without this safeguard, stablecoin transactions would be at the mercy of the shifting political landscape in Washington.
Powell’s statements and the ongoing discussions surrounding the stablecoin bill reflect the growing recognition and significance of stablecoins in the realm of finance, prompting regulators to address their oversight and regulation to ensure stability and safeguard against potential risks.
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A joint effort among five United States enforcement agencies to combat crimes related to the darknet and digital currency has been formalized with the establishment of the Darknet Marketplace and Digital Currency Crimes Task Force.
The task force aims to target a range of “cryptocurrency-enabled crimes,” including drug trafficking, money laundering, personal information theft, and child exploitation.
Representatives from Homeland Security Investigations (HSI) Arizona, the Office for U.S. Attorneys, the Internal Revenue Service Criminal Investigation, the Drug Enforcement Administration, and the Postal Inspection Service recently signed a memorandum of understanding to solidify their collaboration.
Since 2017, these agencies have been working together and have witnessed a surge in the utilization of cryptocurrency for illicit activities.
In a statement, they highlighted the mission of the task force: to disrupt and dismantle criminal organizations that exploit the perceived anonymity of the darknet or employ digital currency for illegal purposes.
This move reflects a global trend of law enforcement agencies establishing specialized units dedicated to tackling crypto-related crimes. Interpol, for instance, established its own crypto crimes unit in late 2022, while Canadian cities have formed local task forces.
With 93 overseas locations in 56 countries, the HSI ensures that the new task force will have an international reach.
Within the United States, the Federal Bureau of Investigation created a Virtual Asset Exploitation Unit in February, which collaborates with the Justice Department’s National Cryptocurrency Enforcement Team.
Furthermore, the Securities and Exchange Commission expanded its Cyber Unit by nearly doubling its size in the previous year.
The magnitude of the challenge faced by law enforcement is substantial. Chainalysis estimates that more than 4,000 cryptocurrency whales possess unlawfully acquired funds, while crypto phishing attacks experienced a 40% increase last year.
Nevertheless, there is evidence that the concerted efforts of law enforcement are yielding results.
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Tortola, British Virgin Islands, June 21st, 2023, Chainwire
Struct Finance, a DeFi platform that enables investors to engage with tailored structured financial products linked to digital assets, today announced the mainnet launch of its innovative Interest Rate Vaults and unique tranching mechanism. Amid the highly volatile crypto industry, users can now invest in products tailored to their risk-return preferences, providing predictable and diversified returns.
Structured financial products are innovative investment instruments that are derived from and linked to underlying on-chain or real-world assets. They utilize a variety of credit/risk, liquidity, and maturity transformation techniques to achieve specific investment objectives. Offering risk-return dynamics that deviate from the underlying assets, these investment products appeal to a broad array of investors. On Struct Finance, different tokens, tokenized derivatives, vaults, pools, and protocols interface in a permissionless manner to craft new products, tailored according to the investor’s risk appetite.
“Traditional financial products aren’t permissionless to use or create. In fact, they are largely inaccessible to most people. We are making these structured financial products accessible and easy to understand for everyone. Our mission at Struct is to bring the power of such products to investors with all risk appetites, from the risk-averse newcomer to the seasoned crypto native. That’s why we are launching Interest Rate Vaults as the first in our line-up of tailored financial products,” said Miguel Depaz, one of the Co-founders of Struct Finance.
The new Interest Rate Products allow anyone to split and repackage the risk of any yield-bearing DeFi assets in different parts to fit their risk profile through an innovative process called “tranching.” Every Interest Rate Product is a single vault split into two portions, or tranches that have different return configurations:
- A Fixed-return Tranche for conservative investors looking for consistent returns
- A Variable-return Tranche for investors with a higher risk appetite seeking superior returns
The yield from the underlying asset flows into the fixed tranche first to ensure predictable returns. The remainder is then allocated to the variable tranche, which gets enhanced exposure to the underlying yield-bearing asset. Compared to the fixed tranche, the variable tranche might accrue more yield, less yield, or no yield. Interest Rate Products allow conservative investors looking for fixed yield to get protection from risk-on investors looking for higher yield.
The unique ‘tranching’ system allows users to select from Fixed or Variable Tranches according to their risk appetite. Tranching essentially enables institutional liquidity and crypto degens to provide liquidity for each other. For secure operations, Struct has set an initial limit per tranche, with a commitment to gradually raising these caps over time.
Struct Finance will also launch the Struct Factory – a capability not offered by any of its competitors – to let investors craft their own structured financial products on-chain according to their unique needs. Notably, these custom products will not only serve the creators but will also be available for others to utilize, fostering a more inclusive and adaptable financial environment. This innovative feature will allow you to design your own Interest Rate Product using assets like USDC, BTC.b, AVAX, or WETH. Struct Finance provides backtesting support to assist you during the product creation process.
The lack of fixed-yield returns in crypto has been a deterrent to entry of both larger institutions and smaller players with more conservative risk appetites. Considering the Struct Factory allows permissionless tranching of liquidity pools, fixed rate returns may become commonplace enough to tame the wild and volatile returns of Web3. Once unlocked, fixed rate returns have the power to pave the way for institutional liquidity to safely step into the DeFi without compromising the core tenets of decentralization.
Struct Finance is integrating with GMX and leveraging GMX’s Liquidity Provider Token (GLP) to generate predictable yields in the form of Fixed and Variable Returns for its users. GMX is a pioneering decentralized exchange known for its innovative features and capabilities, including the GLP token. This token represents a significant breakthrough in the industry and is currently a central part of GMX’s trading system.
By utilizing GLP, Struct Finance provides users with a fixed and variable yield while simultaneously offering liquidity to GMX through the GLP token. This integration enables Struct Finance to optimize returns for its users while supporting the liquidity needs of the GMX platform.
About Struct Finance
Struct Finance is at the forefront of the DeFi revolution, with a vision to transform the design and utility of financial products. It empowers users to design their own financial instruments, harnessing the power of tokenized, yield-bearing positions to unlock a world of diverse investment opportunities. Moreover, its cutting-edge financial products adopt a tranche-based system, smartly distributing yield between different investor classes. This balanced approach guarantees a steady yield for risk-averse investors while also offering the prospect of heightened returns to the more adventurous. Initially available on Avalanche, Struct Finance plans to go multichain in the near future.
For more information, visit: Website | Twitter | Discord | Telegram
Contact
Miguel Depaz
[email protected]
Last week, the UK government announced the delay in implementing rules banning multi-buy deals on foods and drinks high in fat, salt, or sugar – including buy one, get one free (BOGOF) deals. The rules, set to come into effect this October, have been pushed to October 2025 to allow for public participation and to “allow the government to continue to review the impact of the restrictions on the consumers and businesses”, the press statement reads.
Since being tabled in the House, the rule has raised a lot of debate amongst the members of parliament and the public. The idea of doing away with BOGOF and multi-buy deals aims to reduce the obesity rates in the country and, in effect, reduce the risk of weight-related diseases. Nonetheless, several MPs and the wider public have come out strongly to oppose the rule, with one simple rule of their own– “it is not the government’s prerogative to police what people eat!”
‘Self-responsibility over government control’
While the rule aims to reduce the overall calorie intake across the UK population, one study by the Department for Health and Social Care (DHSC) shows the law will reduce the overall calorie intake across England. According to the analysis, if the rule is implemented, children under 10 are expected to reduce their daily calorie intake by only 2.5 calories, adults are expected to consume 2.8 to 3.7 fewer calories daily, and those over 65 could see a 2.6 calorie difference. While a step forward, the effects may be minimal.
The data above raises the question if government control over foods and drinks is useful or detrimental to the population, given BOGOF and multi-buy deals help people save some money. As Ben Bradley, the Tory MP for Mansfield, said:
“It’s not the Government’s job to make people thin – it’s our own personal responsibility. Ministers should keep their hands off people’s BOGOFs.”
Instead of policing what people buy and eat, the UK government should find ways to promote exercising and keeping fit. Alternatively, the government should reward the self-responsibility of keeping fit and exercising to encourage physical activities instead of banning multi-buy or BOGOF deals.
Better health solutions on the horizon
Unsurprisingly, the UK government wishes to ban BOGOF deals on fatty, sugary and salty foods. The rise of weight-related diseases is becoming an epidemic – the Health Survey for England 2021 estimated that 25.9% of adults in England are obese, and a further 37.9% are overweight but not obese. This raises the risk of chronic diseases such as diabetes, heart failure and poor blood circulation.
Nonetheless, there are better ways to reduce obesity and overweight rates than banning BOGOF and multi-buy deals. One of the most innovative ways to get people to exercise is simply by incentivising them. As Jessica Butcher, CMO of Sweatcoin/Sweat Economy, a move-to-earn app that rewards users for walking consistently, stated on the latest BOGOF rule:
“Maybe instead of removing choices that save people money, or penalising unhealthy choices, they should consider more seriously the prospect of incentivising healthier choices – whether that’s reducing taxes on healthier food options, or more powerfully, incentivising them to be more active – an approach that could result in life-long positive habit change.”
Move-to-earn apps offer a better solution to the burgeoning rates of obesity. One such solution is Sweatcoin, which in partnership with the NHS, has demonstrated the efficacy of this approach. By incentivising users with vouchers and rewards, users increase their step count, reducing the risk of conditions such as diabetes, obesity and cardiovascular disease.
According to research from the Sweatcoin team, on average, users on the platform lose 3kgs in weight and become 45% more active. By promoting such solutions nationwide, the government could save billions spent on preventable health conditions.
Final words: Promoting self-responsibility in personal health
As the latest debates across England show, the banner of “self-responsibility over government control” rises the highest. It is not the government’s role to dictate what people eat but rather encourage individuals to take charge of their health. By shifting the focus towards promoting exercise and fitness, the UK government can empower individuals to make healthier lifestyle choices. Instead of banning multi-buy deals, the government could explore reward systems and incentives for engaging in physical activities.
While banning BOGOF deals is a step in the right direction, it may not be the most effective solution. Better health and technological alternatives are emerging, such as move-to-earn apps, which incentivize users to increase their physical activity and make positive habit changes – a longer-term effect than BOGOF bans.
Cathie Wood, CEO and chief investment officer of ARK Invest, has expressed her bullishness on Coinbase stock and her belief that Bitcoin will reach $1 million.
Wood’s fund, Ark Innovation (ARKK), recently added to its position in Coinbase shares following the Securities and Exchange Commission’s (SEC) lawsuit against Binance, one of Coinbase’s main competitors.
ARKK purchased nearly 330,000 shares of COIN on June 6, 2023, totaling around $17 million. Two other ETFs, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF, also increased their positions in Coinbase. Currently, the average entry price for all three funds ranges from $272.75 to $282.93, with a total position value of $1.77 billion.
However, the trade has resulted in significant losses so far, as COIN is currently trading at $53.90.
Wood’s optimism stems from the belief that the SEC’s enforcement actions will make Coinbase the dominant cryptocurrency exchange in the United States.
She argues that the allegations against Coinbase and Binance differ, with Binance potentially facing more serious charges related to the violation of the Commodity Exchange Act and regulations of the Commodity Futures Trading Commission.
Wood believes that Coinbase will emerge victorious, positioning itself as the leading player in the market.
While some analysts share Wood’s view, others do not.
The consensus among analysts is a Hold rating, with an average price target of $58.49, representing a potential 12% increase from current levels. Notable analysts such as John Todaro and Atlantic Equities have provided more bullish price targets of $70 for COIN.
Coinbase also faces a lawsuit from the SEC regarding the trading and staking of unregistered securities.
There are concerns that the exchange may have engaged in illegal activities, including investing in projects it planned to list on its platform before their public availability.
Regarding Bitcoin, Wood reiterated her belief that it serves as a hedge against inflation and holds a $1 million price target. Despite concerns about deflation, she remains bullish on Bitcoin due to its function as an antidote to counterparty risk in the traditional financial system.
Wood highlighted the upcoming Bitcoin halving event and the current accumulation phase in the market.
In summary, Cathie Wood’s bullishness on Coinbase stock and her $1 million Bitcoin price target are based on her expectations of Coinbase becoming the dominant U.S. cryptocurrency exchange and Bitcoin’s ability to outperform in different market environments. However, analysts’ opinions on COIN vary, and there are potential legal and regulatory challenges for Coinbase to overcome.
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