The cryptocurrency market is not going through the best of times. Many analysts have predicted the next bull run and prepared to make money. This article will delve into the upcoming bull run specifics and highlight the BFG token as a secret weapon in a hunt for profit.
Countdown to Bull Run
The cryptocurrency market operates in cycles, alternating between bear and bull markets. Rising prices and increased investor enthusiasm characterize a bull run. On the contrary, a bear market is about stagnation and sad market situations. The question on everyone’s mind is: When will the next bull run happen?
Historically, Bitcoin halving events have resulted in significant price increases. Analysts predict the next Bitcoin halving date is April 25, 2024. It will occur at block 840,000 and reduce the mining reward to 3,125 BTC. This is why many crypto enthusiasts are excitedly preparing for a profitable period.
How to Earn During Bull Run?
Everyone can maximize their income during a bull run using a strategy and potentially profitable assets. Any wait for the market to come into full swing could mean missed opportunities. That’s why smart investors lay the groundwork ahead of a bull run. This strategy allows you to gain confidence and readiness for any changes.
The second rule of preparing for the bull run is choosing a currency with strong potential, such as BFG – the native token of BetFury. It is a trusted and universal currency with various utilities. The main strength of this token is an opportunity for passive earnings in BTC, ETH, and other top currencies. Considering the increase in all crypto prices during the bull run, BFG starts to play with special colors. Let’s examine why BFG is a hidden gem.
Sign up on BetFury, use promo code GEM, get BFG, and prepare for the Bull Run
The first 10 people to activate the promo code GEM on BetFury by 26th October with a $300 wager will receive 300 BFGs for free and start Staking for passive income.
Introducing BFG and BetFury Staking
Over three years, BFG strengthened a place in the hearts of many crypto enthusiasts. The currency has over 55,000 holders; the total income from BFG is about $4,000,000. Previously, BFG Mining was available until the total emission reached 5 billion tokens. After this, the currency became exclusive and gained prospects for development.
What makes BFG truly exceptional are the utilities it offers. Firstly, it’s iGaming because BFG is still about fun and profitable entertainment. Secondly, it’s Trading because the token is listed on top crypto exchanges (PancakeSwap, Biswap, etc.) and is available to purchase or sell. Finally, it’s Staking – one of the most engaging BFG utilities. It works on the principle of holding users’ currency on the network, for which they receive excellent rewards. It is implemented on the platform with up to 50% APY and an opportunity for daily withdrawals.
Having only 100 BFG, every user receives income in BFG tokens or five top currencies: USDT, ETH, BTC, BNB, and TRX. Therefore, with the maximum percentage per year, you will receive $1,500 from $1,000, and if you choose to get a reward in BFG, you earn even more! BetFury also offers an online Staking calculator that helps to calculate the amount of Staking payouts. These obvious benefits of BetFury Staking and other utilities shape the token as a great tool for the next bull run. Investing in BFG can prepare such a springboard for earning with crypto.
About BetFury
BetFury is an ecosystem of crypto products for entertainment and additional income. It has been developing on the market for over three years. BetFury offers 50+ cryptocurrencies for iGaming. There are over 8,000 Slots and Original games with one of the highest RTPs on the market (up to 99.02% RTP). Over 80 Sports allow crypto bets with odds better than the market average.
BetFury holds an Auction for the BFG token and provides 24/7 customer support. Moreover, the platform provides many profitable bonuses, like up to 25% Cashback, and an opportunity to win free Bitcoin in Fury Wheel.
Zug, Switzerland, October 13th, 2023, Chainwire
The Open Network (TON) Foundation has today announced the support of Elliptic, a leading blockchain analysis firm, to provide the network with data intelligence and additional ecosystem security, supporting TON Foundation with its goal of putting crypto in every pocket by building a web3 ecosystem in Telegram.
Elliptic will screen all TON wallet addresses and flag those associated with bad actors, helping to prevent the exposure of TON users and projects to these accounts. Elliptic will also promote Toncoin to have it listed on reputable exchanges. This will provide greater visibility and security to the ecosystem as TON Foundation expands the range of on-ramps available for new users to enter TON’s ecosystem and experience true asset ownership.
This latest step follows the announcement of TON Foundation’s collaboration with Telegram providing the infrastructure for the messenger’s growing Web3 app ecosystem. TON’s community has grown rapidly over the past year, with the number of registered accounts on TON having grown by 165%. The collaboration will ensure that users across TON’s ecosystem are protected from accounts associated with illicit or malicious activities.
“Elliptic’s support will ensure that TON’s ecosystem remains secure as it continues to scale at pace, with users protected from malicious or criminal activity,” said Justin Hyun, Director of Growth at TON Foundation.
About TON Foundation
The Open Network Foundation (TON Foundation) is a non-profit organization founded in Switzerland in 2023. TON Foundation is 100% funded by the community, acting in the community’s interests, and supports initiatives aligned with The Open Network’s mission. Learn more at https://ton.foundation.
About The Open Network (TON)
The Open Network (TON) is putting crypto in every pocket. By building a Web3 ecosystem in Telegram Messenger, TON is giving billions of people the opportunity to own their digital identity, data, and assets. See more at https://ton.org.
About Elliptic
Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments and financial institutions worldwide.
Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.
Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co.
Contact
TON Foundation
[email protected]
Alameda Research, the hedge fund sibling of FTX, allegedly lost around $190 million to avoidable scams, as revealed by former engineer Aditya Baradwaj.
On October 12, in a post titled “The Hacks”, Baradwaj, turned whistleblower, stated that Alameda’s rapid operational pace resulted in significant security breaches almost every few months.
One incident described by Baradwaj involves an Alameda trader who mistakenly clicked a malicious link on Google Search, leading to a loss of over $100 million.
The trader was finalizing a decentralized finance transaction at the time. In another instance, Alameda ventured into yield farming on a dubious blockchain, incurring over $40 million in losses.
Baradwaj points out that FTX founder, Sam Bankman-Fried, prioritized speed for Alameda and FTX, often sidelining standard engineering and accounting measures.
Consequently, coding was rarely tested, balance accounting was frequently left unfinished, and security checks for trading were only implemented when deemed necessary.
Disturbingly, sensitive data such as blockchain private keys and exchange API keys were stored in unencrypted files, accessible by multiple employees.
This lax security resulted in a major breach where an old plaintext file containing Alameda’s keys was exposed.
READ MORE: Bitcoin Forecast to Reach $750K-$1M by 2026
This breach alone led to a loss of over $50 million as attackers managed to drain funds from some exchanges.
Baradwaj mentioned that incidents like these weren’t isolated; many more had occurred before his tenure.
The engineer’s revelations come in the backdrop of Alameda and FTX’s downfall in November the previous year.
Baradwaj criticized Bankman-Fried’s justification of dubious actions, labeling them as being driven by the “Effective Altruism” philosophy.
The ongoing fraud trial against Bankman-Fried has seen ex-CEO of Alameda, Caroline Ellison, testify.
Previous days witnessed former associates, Adam Yedidia and Gary Wang, presenting substantial evidence against him. Wang confessed to creating code that granted Alameda virtually unlimited credit from FTX.
Ellison detailed FTX’s alleged fund mingling with Alameda. Despite these claims, Bankman-Fried has pleaded not guilty and asserts his innocence.
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Weeks before the FTX crypto exchange’s collapse, its former CEO, Sam Bankman-Fried, was navigating tumultuous waters.
His actions were revealed in personal notes from ex-Alameda Research CEO, Caroline Ellison, presented in a New York trial.
Testifying, Ellison recounted that a significant crash in the Terra ecosystem in May 2022 spurred Bankman-Fried to contemplate closing Alameda and soliciting $1 billion in capital from a Saudi Prince recognized for his blockchain gaming investments via Saudi Arabia’s sovereign wealth fund.
Additionally, to boost FTX’s market presence, Bankman-Fried strategized on urging regulators to target rival crypto exchange Binance.
The specifics of this strategy remain undisclosed.
In terms of financing, Bankman-Fried pursued additional funds from BlockFi, having previously borrowed over $660 million.
Other focal points for him encompassed trading Japanese government bonds and purchasing Snap Inc stocks.
A curious note mentioned “Willie being happy”, potentially referring to William MacAskill, believed to be Bankman-Fried’s mentor.
Ellison shared that Bankman-Fried attributed Alameda’s challenges and flawed hedging to her.
She acknowledged that improved hedging could’ve benefited Alameda amidst the cryptocurrency downturn.
However, Alameda’s financial difficulties weren’t solely hedging-related; the company had substantial open-term loans and had drained billions from its FTX credit line.
Open-term loans are unique, allowing borrowers a prepayment choice while granting lenders a call option. By June, lenders began exercising their call options, compelling Alameda to repay vast amounts.
Ellison, following Bankman-Fried’s instructions, settled some of Alameda’s obligations using FTX client funds. By September 2022, Alameda’s debts to FTX had escalated to $13.7 billion, with open-term loans at $1.3 billion.
Compounding the financial maze, Ellison, upon Bankman-Fried’s directive, produced “alternative” financial statements for Alameda’s lenders.
These concealed the company’s fiscal obligations to FTX, presenting a rosier financial picture to stave off full repayment demands.
Ellison candidly communicated her fears during the trial, emphasizing her daily apprehensions about simultaneous loan calls and the potential mass exodus of FTX clients due to Alameda’s financial strain.
Bankman-Fried’s defense is slated to cross-examine Ellison on Oct. 12.
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Charles Hoskinson, founder of Cardano, has equated Sam “SBF” Bankman-Fried, ex-CEO of FTX, to the notorious fraudster Bernie Madoff.
He criticized the media for allegedly turning a blind eye to Bankman-Fried’s alleged wrongdoings.
Bernard Lawrence Madoff orchestrated the most significant recorded Ponzi scheme, valuing $64.8 billion.
Hoskinson’s reference to Madoff draws a parallel to what he perceives as the media’s oversight regarding SBF and FTX’s reported misappropriation of user funds.
On Oct. 9, Hoskinson took to X (formerly Twitter) to voice his concerns about the media’s portrayal of SBF, especially after FTX’s downfall.
He specifically mentioned Michael Lewis’s recent book on SBF, describing it as an “apology tour.” Hoskinson expressed frustration, stating it seems like some individuals are trying to publicly vindicate SBF.
FTX, once the third-largest crypto exchange, crashed in November 2022 after a notable fundraising round earlier that year.
While SBF attributed the failure to external factors and liquidity issues, U.S. enforcement agencies painted a different picture.
These investigations led to Bankman-Fried facing seven charges of conspiracy and fraud related to FTX’s collapse, which he denies.
The trial began on Oct. 3, revealing that Alameda Research, founded by SBF, might have had a covert route into FTX to channel users’ money since 2019.
Details from the trial also exposed SBF’s significant PR expenditure, including million-dollar engagements with celebrities like Tom Brady and Kevin O’Leary.
Other alleged spending involved private planes, Super Bowl commercials, and potentially a proposition to Donald Trump with a $5 billion offer to deter him from running for office.
The trial’s initial week mainly revolved around the mysterious disappearance of $8 billion from FTX’s user funds.
In unrelated news, an NFT from the CrypToadz collection sold for a staggering 1,055 Wrapped Ethereum ($1.6 million) on OpenSea on Oct. 9.
This purchase raised eyebrows, especially since the NFT was bought for approximately $1,600 just two weeks prior.
Funding for this transaction originated from a wallet with transactions anonymized by Tornado Cash, an Ethereum coin mixing service.
Speculations abound on whether this was a genuine error or a possible instance of wash trading.
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Key Highlights:
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DORIC Blockchain, a pioneering force in the world of blockchain technology, is proud to announce the launch of its revolutionary platform. DORIC’s cutting-edge ecosystem is poised to redefine the landscape of asset tokenization and fractional ownership, ushering in a new era of transparent, efficient, and secure asset trading.
Leading the Path in Asset Tokenization
In an ever-evolving global economy, traditional investment approaches often struggle to keep pace. DORIC Blockchain has emerged as a solution to this challenge by offering a platform that empowers businesses and investors through asset tokenization. By dividing assets into tradable fractions, DORIC paves the way for businesses to unlock new opportunities and for investors to access previously untapped markets.
Doric: Where You Tokenize Your World
At Doric, our primary mission is to make asset tokenization accessible to everyone. You don’t need to be a financial guru or a big corporation to get in on the action. Imagine turning your home, your car, or even a piece of art into digital tokens that you can easily trade using USDT, a stablecoin backed by the US dollar. It’s like giving you the power to tokenize your world, making investments simpler and more democratic than ever before. Whether you’re a first-time investor or a seasoned pro, Doric empowers you to join the exciting world of asset tokenization, where opportunities are limitless, and financial inclusion knows no bounds.
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Exploring a New Blockchain World
Unlocking the capabilities of cutting-edge smart contracts, businesses gain the agility to deploy a variety of applications centered on asset fractionalization, corporate growth, and capital acquisition. To embark on an exciting journey into the world of innovative contracts, visit https://doric.network/
Prominent cryptocurrency advocate, Arthur Hayes, recently voiced his predictions on the future of Bitcoin, global economies, and market behaviors on Impact Theory with Tom Bilyeu.
According to Hayes, by 2026, Bitcoin’s price could soar between $750,000 to $1 million.
Hayes paints a picture of a looming financial crisis, which he believes could be more severe than the Great Depression.
He predicts an unprecedented bull market, impacting stocks, real estate, cryptocurrencies, art, and more.
This surge, he claims, is a result of the U.S. government’s habitual response to economic crises: bailing out, leading to structural issues in the economy.
By continuously resorting to central bank printing, inflation surges and natural market growth-correction cycles are stifled.
“Government interventions, in attempts to save the system, erode parts of the free market every time a financial crisis emerges over the last 80 years,” Hayes argues.
READ MORE:Prosecutors Challenge Defense Over FTX Funds in Bankman-Fried’s High-Profile Trial
Hayes identifies key factors supporting his Bitcoin forecast:
- Mounting Debt and Inflation: Hayes states that escalating government debt, roll-over needs, and waning productivity are only met with money printing. Though this results in bull markets, the fallout is typically rampant inflation. Hayes warns of a ‘massive top’ in 2026, followed by a depression-like scenario.
- U.S. Banking System’s Insolvency: He points to the $7.75 trillion U.S. debt due for roll-over by 2026 and altered dynamics in U.S. bond yield curves. Historically, nations like China and Japan were primary U.S. debt buyers. This has changed, which Hayes believes will intensify U.S. troubles. The U.S. banking system, in Hayes’ view, is effectively bankrupt due to past regulatory actions. Hayes emphasizes the banking system’s inability to buy more debt, given its structural insolvency.
- Attractiveness of Bitcoin as an Investment: As traditional financial systems become more unstable, investors may pivot towards alternative assets like Bitcoin. Hayes says, “In an economy with negative real rates, individuals will seek other assets, including cryptocurrencies.”
Hayes forecasts Bitcoin trading between $25,000 and $30,000 in the near future.
By 2024, he anticipates a potential financial crisis to drive rates near 0% or escalating government expenditure causing investors to hunt for superior returns.
He suggests that the U.S., Europe, and possibly Hong Kong’s approval of a Bitcoin exchange-traded fund, combined with Bitcoin’s halving event, could propel its price to $70,000 by mid-2024.
From this point, he foresees Bitcoin skyrocketing to between $750,000 and $1 million.
However, Hayes also acknowledges a potential 70% to 90% drop in Bitcoin’s price post this bull run, mirroring past trends.
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London, UK, October 11th, 2023, Chainwire
XDB CHAIN TO POWER SANDBOX-BRANDED CRYPTOCURRENCY AND TO ENHANCE THE EDUCATION SECTOR’S TRANSITION TOWARDS WEB3
Sandbox Group, the London-based group operating a network of learning businesses, announced a partnership with XDB CHAIN, the easy-to-use open-source blockchain used to power digital assets. The collaboration will see the development of an exclusive branded-cryptocurrency that will be made available as a payment choice to users of Sandbox’s wide portfolio of digital products and services worldwide.
The soon-to-be-released cryptocurrency will serve as a medium of exchange, enabling transactions, exclusive rewards, and incentives. Its secure, decentralised, and transparent nature will ensure the integrity of the ecosystem, aiming to address some of the most pressing challenges in the education sector’s digital transformation and growth.
The launch of the new branded cryptocurrency represents a key development in the world of blockchain as it will be exclusively integrated into Sandbox Group’s portfolio of brands and services that include Kidomi, the all-in-one super app, and Code Kingdoms, online coding courses for kids.
XDB CHAIN has lately introduced Branded Coins (BCOs) that allow multiple brands to collaborate across the same technology stack. This innovative concept will allow Sandbox Group to provide progressive benefits to its users with an enhanced user experience in web3, the decentralised internet, as well as offer special discounts, resulting in even better value for its subscribers.
Shan Eisenberg, Chief Commercial Official of Sandbox Group says: “We’re thrilled to announce the launch of the new cryptocurrency which will enhance our existing Sandbox Group products and will offer unique incentives to our users. Our decision to mint the cryptocurrency exclusively on the XDB CHAIN stems from XDB CHAIN’ innovative approach to blockchain technology, specifically engineered to onboard brands and leverage loyalty ecosystems.”
Daniele Mensi, CEO of XDB FOUNDATION, says: “We’re excited about partnering with Sandbox Group as we see this relationship as the perfect way to address the challenges faced by the cryptocurrency industry: mass adoption and user-experience. By integrating this new cryptocurrency into Sandbox Group’s product ecosystem that reaches millions of users worldwide, we aim to encourage widespread legitimate acceptance of cryptocurrencies towards a set of enhanced real-world use cases.”
The official whitepaper will be released later this month, including the name of the coin and all details. The launch of this new cryptocurrency is expected in early 2024.
For more information please contact:
Sara Sciusco: Marketing Manager [email protected]
Agnes Lesti: Communications and Partnerships Manager [email protected]
About Sandbox Group
Sandbox Group is a London-based group operating a network of learning businesses. At Sandbox we seek to build, nurture and support the scaling of a diverse family of brands and services. We know the whole is greater than the sum of its parts, so we believe in the power of collaboration with like-minded partners to create fun, engaged learning. Our businesses are at the intersection of the digital, learning and media industries and include brands like Code Kingdoms, online coding courses for kids, Hopster, preschool learning platform, and Leiturinha, Brazil’s No1. kids book subscription service. Sandbox is committed to providing an unparalleled ecosystem of edutainment products, and currently reaches over 65 million children, their parents, and teachers.
About XDB CHAIN
As XDB CHAIN, the entire project and its community stand poised to propel the blockchain industry into a new era to embrace novel use cases, nurture collaborative communities, and boldly push the boundaries of what technology can achieve. This is just an invitation to join XDB CHAIN on this journey into the future of Blockchain for Brands empowering The Consumers of Tomorrow.
Contact
Marketing Manager
Sara Sciusco
XDB Foundation
[email protected]
The North American Securities Administrators Association (NASAA), a consortium of securities regulators from North America, recently expressed its stance on digital assets.
In a filing on October 10 in the United States District Court for the Southern District of New York, NASAA supported the U.S. Securities and Exchange Commission’s (SEC) assertion that digital assets should not receive any preferential treatment under securities laws.
This perspective emerges in the wake of a lawsuit filed by the SEC against Coinbase in June, in which the crypto exchange was accused of breaching federal securities regulations.
Coinbase retorted, asserting that its digital assets and related services shouldn’t be categorized as securities and accused the SEC of overstepping its boundaries.
However, NASAA’s general counsel, Vincente Martinez, defended the SEC’s stance, stating that it wasn’t “novel or extraordinary.”
He emphasized that the SEC’s viewpoint aligns with its longstanding public stance and remains well-grounded in existing laws.
READ MORE; Hacker Exploits Media Coverage of Bankman-Fried’s Trial to Conceal $400M FTX Heist
Central to the lawsuit is the Howey test, which determines what constitutes an investment contract. Coinbase contests that digital assets don’t meet the full criteria of this test.
Yet, Martinez believes the Howey test is versatile enough to account for technological progress in securities markets, such as securities traded on blockchains.
He urged the court to dismiss Coinbase’s attempt to misinterpret established laws to dodge regulatory responsibilities.
Furthermore, Martinez critiqued Coinbase’s reference to the “major questions doctrine,” which posits that the SEC requires congressional authorization on matters of substantial political or economic gravity.
Challenging Coinbase’s portrayal of the digital asset sector as a vital segment of the American economy, Martinez countered that most digital assets, barring a few exceptions, lack a practical economic purpose beyond speculation.
He remarked, “As a class of assets, digital assets are not economically useful.”
He also accused Coinbase of exaggerating the magnitude and relevance of the digital asset industry, especially the segment under securities regulators’ purview.
Concluding, NASAA, comprising 68 members including securities regulators from all U.S. states and several from Canada, Mexico, and U.S. territories, joined the SEC in urging the court to reject Coinbase’s motion to dismiss the lawsuit.
Martinez highlighted the significant interest of NASAA and its members in the case’s outcome.
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Cryptocurrency exchange Bitstamp is set to halt its services for Canadian customers from January 8, 2024, as announced by Bobby Zagotta, Bitstamp USA CEO and global chief commercial officer.
Following this decision, all Canadian accounts will be deactivated, and customers have been advised to withdraw their funds and close their accounts before the stipulated date.
Despite this move, Bitstamp emphasizes its commitment to the safe return of assets, stating, “your crypto assets always remain yours.”
Bitstamp’s departure from Canada is not an outright exit but a strategic pause.
The company cites its ongoing expansion strategies and the need to concentrate on regions with favorable regulatory conditions as the primary reasons.
Zagotta mentioned, “We aim to revisit the Canadian market in the future.
READ MORE:Hacker Exploits Media Coverage of Bankman-Fried’s Trial to Conceal $400M FTX Heist
But at present, we can’t dedicate the necessary resources to meet new Canadian regulations.”
Furthermore, while refocusing on aligning with global regulations, Bitstamp remains dedicated to its international clientele.
Decisions about their operations in particular nations will hinge on regulatory dynamics and market scenarios.
This pivot in strategy is concurrent with Bitstamp’s reported endeavors to procure funding for scaling its worldwide operations.
There are indications that the exchange has been in fundraising mode since May 2023, with goals like introducing derivatives trading in Europe by 2024 and intensifying its footprint in the UK.
Established in 2011, Bitstamp stands as one of the pioneering cryptocurrency exchanges.
It has an extensive global reach, catering to countries like the US, Singapore, South Korea, and Japan, among others.
As per CoinGecko, Bitstamp’s daily trading volume is approximately $114 million. This figure, however, pales in comparison to its rival Binance, which boasts a daily trade volume nearing $4 billion.
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