A federal court in the United States has imposed sanctions on the Securities and Exchange Commission (SEC), accusing it of “bad faith” in a legal battle against the firm Debt Box.
This decision stems from the SEC’s attempt to dismiss a case it had initiated, which was rebuffed by Judge Robert J. Shelby.
Shelby criticized the agency for misleading the court over the evidence it presented to obtain a temporary restraining order (TRO) and an asset freeze against Debt Box in August.
Judge Shelby condemned the SEC’s actions as a “gross abuse of the power” granted by Congress, stating that these actions severely compromised the integrity of the judicial process.
He highlighted that the evidence the SEC claimed to have obtained had no factual basis and was presented in a way that was “deliberately false and misleading.”
As a consequence of this misconduct, Shelby determined that imposing sanctions on the SEC, specifically covering attorneys’ fees and costs incurred due to their actions, was justified.
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He remarked, “The bad faith is inextricable from the abusive conduct and a sanction of attorneys’ fees and costs for all expenses resulting from that conduct is appropriate.”
“The SEC had accused Debt Box of engaging in a $50-million fraudulent cryptocurrency scheme, seeking a TRO and an asset freeze on the grounds that the company had transferred funds overseas and planned to flee to the United Arab Emirates.
However, Shelby later found that the SEC had misrepresented the facts regarding the $720,000 transfer, which had actually occurred within the United States.
Following these revelations, Shelby issued a “show cause order” to the SEC in December, demanding an explanation for their misleading conduct.
Although the SEC admitted its lack of transparency, it contended that sanctions were unwarranted.
Shelby criticized SEC attorney Michael Welsh for his role in misleading the court, noting that Welsh’s failure to correct false statements represented an attempt to obscure the truth.
Austin Campbell, a founder of Zero Knowledge Consulting, argued that SEC staff involved in this misconduct should face termination and emphasized the need for agency reform.
He advocated for personal liability for SEC lawyers, stating, “What is described here is unconscionable for those entrusted with such authority by law.”
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Over the last month, Boyaa Interactive, a Hong Kong-based online gaming company, has seen its shares skyrocket by 318% following its decision to diversify investments into cryptocurrencies.
The company announced a $100 million initiative to invest in Bitcoin (BTC), Ether (ETH), and stablecoins such as Tether (USDT) and USD Coin (USDC), allocating $45 million to BTC, $45 million to ETH, and $10 million to stablecoins.
As part of this strategic move, Boyaa Interactive disclosed the purchase of 1,110 Bitcoin at an average price of $41,790 each, 14,855 Ether at approximately $2,777 per unit, and around 8,000,000 units of Tether.
The firm expressed its intention to double down on its crypto investments with an additional $100 million.
This investment comes at a time when Boyaa’s core business, online gaming, continues to perform solidly, generating 100 million yuan ($13.90 million) in revenue and 32.05 million yuan ($4.46 million) in earnings, witnessing growth rates of 6% and 72%, respectively.
The broader context includes a bearish stock market in China, with many firms holding large cash balances and trading below their book values.
The NFT market has shown varying degrees of volatility, illustrated by the floor price of “Nobody,” a collection by legendary director Stephen Chow, which dropped over 70% within a month.
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Despite promotional efforts, the collection’s trading volume has stagnated after an initial surge.
Similarly, the Bruce Lee Foundation’s NFT collection and Wassie Avatars have experienced dramatic price fluctuations, reflecting the speculative nature of the NFT market despite its recovery from lows in 2020-2021.
Regulatory scrutiny in Hong Kong has increased, with the Securities & Futures Commission (SFC) adding crypto exchange Bybit and its investment products to its investment warning list.
This action underscores the regulatory requirements for operating within the city and the criminal implications of non-compliance.
Concurrently, discussions about a potential spot Bitcoin ETF in Hong Kong hint at a more direct and cost-efficient structure compared to those in the United States, indicating a keen interest in pioneering such financial products in the region.
This period signifies a dynamic phase for Hong Kong’s crypto landscape, marked by significant investments, regulatory developments, and speculative NFT market movements.
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BlackRock‘s spot Bitcoin ETF is on track to surpass Grayscale’s Bitcoin holdings, potentially becoming the largest institutional holder of Bitcoin in the coming weeks.
BlackRock’s ETF, the iShares Bitcoin Trust, currently holds 238,500 Bitcoin, valued at $15.5 billion, with daily inflows averaging $274 million or around 4,120 Bitcoin.
In contrast, Grayscale’s Bitcoin Trust (GBTC) has 350,252 BTC, worth $23 billion, but faces daily outflows of about $277 million, equivalent to 4,140 BTC.
Without significant changes in these trends, BlackRock is expected to overtake Grayscale by April 11, a milestone that could be reached even sooner if BlackRock’s inflows return to the previous week’s average of 7,200 Bitcoin daily.
George Tung, a YouTuber known for his channel CryptosRUs, predicted, “BlackRock is going to flip Grayscale soon,” estimating the shift to occur within the next two weeks.
This development underscores the dynamic landscape of Bitcoin investment, with BlackRock poised to claim the title of the world’s largest institutional Bitcoin holder.
The narrative of this transition is further complicated by the record outflows from GBTC, which experienced its largest single-day loss of $643 million on March 18.
These outflows have raised concerns about potential impacts on Bitcoin’s price, though Senior Bloomberg ETF analyst Eric Balchunas remains optimistic, suggesting the exodus could end within weeks.
He also hinted that the recent surge in outflows might be linked to the financial troubles of crypto firms like Genesis and Digital Currency Group.
Adding to BlackRock’s momentum, its ETF recently surpassed MicroStrategy’s Bitcoin holdings, making it a significant player in the crypto space.
As of now, MicroStrategy holds 214,246 BTC, following a recent acquisition of 9,000 BTC.
This shift not only highlights BlackRock’s expanding influence in the cryptocurrency market but also marks a pivotal moment in the institutional adoption of Bitcoin, reflecting broader trends and challenges within the crypto industry.
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In recent developments, Bitcoin may be witnessing a shift in momentum as institutional outflows diminish.
According to data from the UK-based investment firm Farside, the Grayscale Bitcoin Trust (GBTC) experienced a modest reduction of $170 million on March 22.
This comes amid discussions surrounding the United States Spot Bitcoin exchange-traded funds (ETFs), which have faced challenges, including decreased inflows and record-high outflows from GBTC, signaling a potential consolidation phase before Bitcoin tests its all-time high again.
Notably, the series of GBTC outflows coincided with reports of the bankrupt crypto lender Genesis liquidating its GBTC holdings.
This sell-off could be nearing its end, potentially easing the downward trends observed in ETFs.
Investor Alistair Milne highlighted a significant slowdown in GBTC selling, leading to a decrease in net outflows from Bitcoin ETFs to -$51.6 million. Milne’s observation raises the possibility of a momentum shift in the market.
Supporting this perspective, statistician Willy Woo introduced a new model that correlates ETF inflows with Bitcoin’s price movements, suggesting the most intense selling phase might have concluded.
READ MORE: SEC Delays Decision on Ether ETFs, Casting Doubt on Approval Odds Amidst Growing Skepticism
Woo anticipates continued market choppiness leading up to the Bitcoin halving event, echoing a sentiment for potential consolidation.
Echoing optimism, WhalePanda, a pseudonymous commentator, predicts a sideways market trend, potentially setting the stage for Bitcoin’s ascent to new all-time highs.
The commentator points to a significant demand for Bitcoin inflows to match the coin’s daily emission rate, which is expected to halve soon, further tightening supply.
However, GBTC faces criticism for its diminishing assets under management (AUM), now holding just half of its AUM since its ETF conversion.
Critics argue that GBTC’s reduction is beneficial for the Bitcoin ecosystem, with Vijay Boyapati blaming it for market instability and hindering Bitcoin’s growth.
Despite these challenges, spot Bitcoin ETFs have been historically successful, amassing $12.15 billion in cumulative flows.
Cathie Wood of ARK Invest anticipates more institutional engagement in the near future, signaling continued interest and investment in Bitcoin.
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In the last 24 hours, an astonishing transfer of half a trillion Shiba Inu (SHIB) tokens by anonymous “whales” has caught the crypto community’s attention.
The question on everyone’s mind is: What’s the strategy behind these massive movements, and is there a connection among these whales? Analyzing transaction data could shed some light on the matter.
Diving into the specifics, it appears that a handful of significant players are orchestrating these shifts, moving SHIB across various wallets and exchanges.
A notable transaction includes the movement of 77.18 billion SHIB to a Coinbase wallet.
Additionally, 205 billion SHIB were shuffled between different wallets, with a substantial 53.06 billion SHIB transfer directed to Robinhood’s wallet.
The interconnectedness of these transactions remains unclear, yet the synchronicity hints at potential coordination.
The SHIB/USDT chart by TradingView highlights SHIB’s volatile price journey, currently hovering around the $0.000027 mark.
After experiencing a sharp increase, SHIB seems to be in a minor retreat.
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Presently, the critical support level is at $0.000019, which SHIB has successfully maintained above in recent times.
This stability offers a glimmer of hope for the future. SHIB faces resistance at approximately the $0.000030 level.
Surpassing this barrier could signal the beginning of another upward trend, potentially reaching new highs.
Looking forward, SHIB’s potential to capitalize on recent transactions and a general market shift towards bullishness could set the stage for a significant price increase.
With the market showing signs of recovery after a recent downturn, SHIB’s trajectory might be poised for an upward movement, spurred on by the mysterious yet impactful actions of these anonymous whales.
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The past week has been a rollercoaster for the cryptocurrency market, marked by significant events that shaped the landscape.
Unexpectedly, meme coins grabbed headlines, major cryptocurrencies experienced setbacks, and prominent figures voiced their opinions on the market’s future.
In a surprising turn of events, the “Book Of Meme” (BOME/USD) made remarkable gains, outshining its competitor, the so-called “Dogecoin Killer,” Shiba Inu (SHIB/USD).
On Sunday, BOME reported a 6.4% increase in its price and a significant 13.4% rise in trading volume, with a notable $1.5 billion in trades.
This surge was further bolstered by Binance’s announcement of BOME’s upcoming listing on both its spot market and futures platform.
The same week, major cryptocurrencies faced a downturn, with Tuesday highlighting a dramatic fall.
The sector saw over $650 million in liquidations within a day, largely due to Bitcoin’s (BTC/USD) decline below the $63,000 mark.
This drop resulted in an 8% shrinkage of the market cap within a mere 24 hours.
READ MORE: Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations
In the midst of market turmoil, Robert Kiyosaki, the author of ‘Rich Dad Poor Dad,’ shared his investment insights.
He advocated for gold, silver, and Bitcoin as preferable investments over stocks and bonds, citing China’s economic volatility and its “foolish” financial strategies as a backdrop for his advice.
Further adding to the discourse, 10x Research released a report forecasting a downturn in Bitcoin’s value.
This prediction came to pass as Bitcoin fell by 13% over the week, underscoring the report’s identification of risk factors and potential support levels should the downturn persist.
Controversy also arose from Peter Schiff, a known Bitcoin skeptic, who criticized CNBC’s “Squawk Box” for allegedly displaying a bias towards Bitcoin.
He accused the show of highlighting the cryptocurrency’s successes while overlooking its failures, specifically pointing out a lack of coverage on a significant 6% loss Bitcoin suffered overnight.
These developments reflect the volatile nature of the cryptocurrency market, with fluctuations driven by various factors from market sentiment to economic conditions, illustrating the unpredictable journey of digital currencies.
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In a startling revelation, Bryan Pellegrino, the co-founder and CEO of LayerZero, has publicly accused Kyle Davies, co-founder of the now-collapsed Three Arrows Capital (3AC), of attempting to sway his company into transferring its entire treasury to 3AC shortly before its liquidation.
Pellegrino made these claims in a response to Davies’ comments on a podcast, via an X post.
According to Pellegrino, Davies sought to secure LayerZero’s treasury by “promising better rates than other borrowers as a last-gasp effort,” showcasing a desperate move ahead of 3AC’s financial turmoil.
The accusations surfaced after Davies, on the Unchained YouTube interview podcast, refrained from issuing an apology to investors for 3AC’s downfall, sparking controversy.
Pellegrino’s assertions shed light on 3AC’s strategy of soliciting loans from various entities despite its impending insolvency, a tactic Pellegrino criticized for exploiting personal and professional relationships, including those with prominent figures like BitMex co-founder Arthur Hayes.
The crypto community and observers have rallied behind Pellegrino, condemning Davies’ conduct and the broader implications of 3AC’s practices, which relied on deceitful loan acquisition.
The backlash also saw X users, including @basedkarbon, criticizing Davies’ lack of tact in handling the situation.
Three Arrows Capital, founded by Davies and Su Zhu in 2012, managed an impressive $10 billion in assets by 2021.
However, the firm’s fortunes plummeted to $3 billion by April 2022, primarily due to the catastrophic fallout from the TerraUSD stablecoin crash, triggering a widespread crypto market crash.
The firm’s decline culminated in a Chapter 15 bankruptcy filing on July 1, 2022, as it sought to shield its assets from creditors amidst a dire financial crisis.
The collapse of 3AC had a profound impact, ensnaring numerous investors and companies in its wake. The bankruptcy proceedings revealed debts amounting to $3.5 billion owed to 27 entities, including a staggering $2.3 billion to Genesis Global Trading.
The fallout also severely affected Blockchain.com and Voyager Digital, with the latter filing for Chapter 11 bankruptcy after being unable to recover approximately $670 million loaned to 3AC.
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Bitcoin has recently experienced a significant pullback, dropping over 10% from its all-time high, amidst signs of slowing demand for spot Bitcoin exchange-traded funds (ETFs).
Bloomberg reported on Friday that analysts from JPMorgan Chase and Co. are cautioning that this downward trend could continue.
This sentiment is reflected in the substantial outflows from a group of 10 spot Bitcoin ETFs, marking the largest four-day withdrawal since these products were launched on January 11.
As it stands, Bitcoin is navigating through one of its most challenging weeks this year, with a 4% decrease in value, and is currently trading at approximately $65,400.
JPMorgan strategists, including Nikolaos Panigirtzoglou, are maintaining their stance that Bitcoin remains overbought.
They had previously forecasted in February that the cryptocurrency’s price could face further declines, especially with the approaching halving event in April, which will cut the supply of Bitcoin from mining.
These strategists point to the combination of sustained open interest in CME Bitcoin futures and the dwindling ETF flows as clear bearish indicators.
They noted, “The pace of net inflows into spot Bitcoin ETFs has slowed markedly, with the past week seeing a significant outflow.
“This challenges the notion that the spot Bitcoin ETF flow picture is going to be characterized as a sustained one-way net inflow.”
They anticipate continued profit-taking as the halving event nears, especially given the current overbought market positioning.
Moreover, last month, JPMorgan predicted a potential decline in Bitcoin’s price to around $42,000 post-April, as the excitement around the halving event fades.
Despite reaching a peak of nearly $73,798 on March 14, the enthusiasm among retail traders appears to be diminishing, as highlighted by Naeem Aslam, chief investment officer at Zaye Capital Markets.
He remarked, “The fact that the rally didn’t really take off from the all-time high like before made many question the strength of the rally.”
Conversely, investment firm Bernstein has upgraded its year-end forecast for Bitcoin to $90,000 from $80,000, buoyed by the cryptocurrency’s recent performance and the initial reception to new spot BTC ETFs.
Analysts Gautam Chhugani and Mahika Sapra from Bernstein have expressed optimism, citing the onset of a new BTC bull cycle, robust inflows into ETFs, expansion of miner capacity, and record miner revenues.
These elements collectively bolster the attractiveness of Bitcoin miners as investment avenues for equity investors interested in the cryptocurrency space, even as Bernstein revises its expectations for the April halving event.
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In a landmark case, Jian Wen, a former hospitality worker, has been convicted of money laundering in a UK court specializing in significant fraud cases, following the discovery of a staggering $2.5 billion in Bitcoin under her control.
The Southwark Crown Court’s ruling came after a detailed investigation into Wen’s financial activities, which included the purchase of luxury properties and expensive jewelry.
This investigation examined 48 electronic devices and thousands of files, many in Mandarin, the BBC reported.
Wen’s sudden shift in lifestyle from residing above a Chinese restaurant to renting a lavish six-bedroom house in North London, with a monthly rent of $21,420, signaled the authorities to her trail.
Moreover, her attempt to buy a $30 million mansion in London was a critical lead that prompted further scrutiny by the officials, Cointelegraph noted.
Wen’s ambitious real estate ventures in London, coupled with her inability to pass money-laundering checks despite claiming substantial earnings from Bitcoin mining, raised suspicions.
READ MORE: Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations
The UK police branded the case as the largest Bitcoin seizure in the country, with Wen convicted for her involvement in a money laundering arrangement, awaiting sentencing on May 10.
Chief Crown Prosecutor Andrew Penhale stressed the growing use of cryptocurrencies like Bitcoin in criminal operations, facilitating asset disguise and transfer by fraudsters.
Contrary to the authorities’ stance on cryptocurrencies being widely used for money laundering, a recent US Treasury Department report argued that cash remains the preferred medium for such illicit activities, due to its anonymity and stability.
Adding to the discourse, Nasdaq’s “Global Financial Crime Report” shed light on the financial crime landscape, noting that approximately $3.1 trillion in illicit funds circulated through the global financial system in 2023.
Interestingly, the report did not specifically mention Bitcoin or cryptocurrencies, indicating a broader perspective on financial crime beyond the digital currency realm.
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