Monat: September 2023

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CFTC fines Utah man over $2.5M for leveraged Bitcoin fraud

  • CFTC announced Jacob Orvidas had conducted a leveraged Bitcoin fraud between October 2017 and July 2020.
  • Orvidas was also charged for failing to register as a commodity pool operator.
  • The CFTC order imposed a $2 million restitution and $500,000 civil monetary penalty.

In regulation news today, the Commodity Futures Trading Commission (CFTC) has fined Jacob Orvidas from Utah, United States, more than $2.5 million for being behind a leveraged Bitcoin fraud scheme in which at least four pool participants lost money.

CFTC announced the order on Friday, revealing a simultaneous filing and settlement against Orvidas for his soliciting of money from the traders and running an unregistered commodity pool. According to the commodities regulator, Orvidas’ fraudulent dealings also included lies about the losses suffered and availability of the pool participants’ money.

CFTC says people lost over $2 million

Per the CFTC press release, Orvidas carried out his fraudulent activities from around October 2017 to July 2020. He promised to trade leveraged BTC on behalf of the said individuals, allegedly misrepresenting his trading prowess. He also reportedly told pool participants that their money would earn them staggering profits – in one example he lied about a $100,000 deposit that had seen a client cash out $2.7 million.

Pool participants are said to have lost more than $2 million in the process, which Orvidas will pay alongside $500,000 in civil monetary penalty. The regulator also issued a cease and desist order and warned him about future violations of the Commodity Exchange Act.

“While digital-asset cases are often complex, this bitcoin case is a straight-up fraud: simple and old as time. We will continue to deploy every weapon in our arsenal to fight fraud in all our markets,” said Ian McGinley, director of Enforcement at CFTC.

The CFTC charges and settlement with Orvidas come a day after the regulator announced it had simultaneously charged and settled orders against the operators of three decentralised finance (DeFi). In the September 7 order, the Commission said Opyn, Inc., ZeroEx, Inc., and Deridex, Inc had violated the law by offering illegal crypto derivatives trading to customers.

Market experts and crypto industry players have criticised the CFTC’s regulation by enforcement approach. Jake Chervinsky, Chief Policy Officer and crypto advocacy group Blockchain Association, highlighted this on X. 

The post CFTC fines Utah man over $2.5M for leveraged Bitcoin fraud appeared first on CoinJournal.

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Edelman predicts a $150K Bitcoin price post-halving. How does this impact Chancer?

  • Edelman says Bitcoin could rise to $150,000 after the 2024 halving event.

  • A strong Bitcoin could boost the sentiment for other cryptocurrencies like Chancer.

  • Analysts expect up to a 1,000% price increase for Chancer.

After a prolonged bear crypto market, Bitcoin is expected to look up to the stars again. The upcoming halving event somewhere in April 2024 is expected to boost prices. Edelman Financial Services, which manages over $291 billion in assets, expects a fixed-figure price for BTC. The halving event could also be decisive for other cryptos like Chancer. 

Bitcoin could surpass $150,000 after 2024 halving

The prediction is according to Edelman founder Ric Edelman. The analyst expects the milestone to be reached a few months after the halving event. This is not the first time Bitcoin has seen such huge predictions from analysts.

Edelman believes the crypto sector is in a transformative phase. The stage is characterised by increasing maturity and behavioural shifts. According to Edelman, these market dynamics and regulatory actions are cleansing the sector. The cleansing will make digital assets more attractive to individual and institutional investors. 

Recent developments will also boost crypto. Edelman references Ripple’s win against SEC as a critical development that will boost crypto adoption. Also recently, Grayscale won a case against SEC, providing a further greenlight to the sector. Analysts led by JPMorgan believe the victory paves the way for the approval of the first spot Bitcoin ETF. 

But the 2024 halving event will be a bull catalyst for Bitcoin, per Edelman’s predictions. Edelman notes that Bitcoin’s halving is historically a bullish catalyst. He says the halving could unlock Bitcoin’s value, helping it to reach $150,000 by the summer of 2025.

Role of Chancer and how it benefits from a bullish Bitcoin

Chancer is a new blockchain platform that powers peer-to-peer betting. Investors can create a Chancer market and bet on any event they feel like on a secure blockchain platform. The users bet under their own rules and odds.

The proliferation of Chancer challenges traditional betting, where markets are established by bookmakers. By allowing investors to create P2P markets, Chancer enables more people to get involved in betting. There are rewards for creating Chancer markets and sharing the platform. 

Chancer will be the token investors can use to claim winnings on successful bets. They will also get paid using the token for creating the P2P markets or spreading Chancer news. The token will also be available for staking to investors seeking passive incomes. 

Initially, Chancer could benefit from speculation around its novel betting platform. As the token lists in Q3 2023, the price could start to gain value. 

Conversely, a bullish Bitcoin is always a positive catalyst for the rest of the crypto sector. As the world’s biggest cryptocurrency, Bitcoin demand boosts the sentiment for risky assets. Thus, the projected bull market by Edelman could help Chancer and increase the token’s value.

 Is Chancer a sustainable blockchain?

The prolonged bear market taught that only the strongest blockchains and projects survive. Once the bull market returns, investors could focus on valuable projects with solid use cases.

Betting is among the strongest and fastest-growing sectors. Online sports betting alone is expected to grow by 9.94% CAGR between 2023 and 2027. The growth rate will take the total market volume to $63.62 billion by 2027.

Chancer will capitalise on the strengths of the entire betting sector to grow. It will also introduce new betting events that will see it capture a considerable market. This means it could be a sustainable project to deliver consistently to investors.

What is the 2023 price potential of Chancer?

Chancer will be listed in Q3 2023 amid huge expectations. 2023 might be a volatile year for the token due to intense speculations. 

Analysts have earmarked a 1,000% price increase, although this could prove overambitious in the short term. A triple-digit price increase in 2023 could be more realistic, with more than 10x in the future.

The post Edelman predicts a $150K Bitcoin price post-halving. How does this impact Chancer? appeared first on CoinJournal.

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JPMorgan reportedly considers a payment token as Shiba Memu raises $2.58 million

  • JPMorgan is said to be launching a blockchain-powered token to revolutionise its global payments.

  • Shiba Memu takes on meme tokens with an AI application amid the hunt for new crypto use cases.

  • Shiba Memu could increase by up to 50x, given the historic price moves of meme cryptocurrencies.

The hunt for new solutions in a blockchain-based economy is on. JPMorgan is the latest to consider a blockchain-based deposit token for global payments. Meanwhile, Shiba Memu is bringing a new marketing perspective through blockchain. Investors have bought over $2.58 million worth of Shiba Memu in a fast-occurring presale. 

JPMorgan to launch a payments token

Big banks are never shy of opportunities when they knock. In its latest indication of blockchain and cryptocurrency forays, JPMorgan seeks a payment token. The latest reports indicate that the banking giant has laid the infrastructure for the new payment token. 

The bank expects to accelerate international settlements and payments with the blockchain solution. This is not the first time JPMorgan has let its blockchain and cryptocurrency pursuits known.

In June, the company said it had processed about $300 billion via JPM Coin launched in 2019. With the new token, JPMorgan expects to process instant transactions, leveraging blockchain technology. The token is also expected to reduce transaction costs by eliminating clearinghouses and counterpart banks.

JPMorgan’s continued push in crypto underlines a sector with immense and unexploited opportunities. Big banks are entering the space, which is expected to dominate future payments. Shiba Memu comes into the scene with an innovative use case that fills another unexploited opportunity.

Shiba Memu AI marketing angle

Shiba Memu enters the meme token space with its own vibe – an AI application. To put it better, Shiba Memu will leverage artificial intelligence to self-market and fight off rivals. 

AI is taking a more critical role now than ever, making Shiba Memu unique. AI lets Shiba Memu research and find the most creative ideas in marketing. Interestingly, AI can work all the time and source information far and beyond. With this capability, the team expects Shiba Memu to achieve more than 100 marketing agencies combined. 

Shiba Memu won’t keep all the marketing information to itself. Its community can interact with the AI. Users can ask the AI questions, give feedback, and get informed on marketing strategies. The engagement is one of its kind, making Shiba Memu a truly user-led platform. That means Shiba Memu won’t crave attention like its meme peers, which rely on influencers.

Is Shiba Memu a good investment?

What investors consider a good investment is quite a subjective topic. However, Shiba Memu could be suitable for investors looking for tokens that can quickly gain value. 

From past price action, meme cryptocurrencies have been the biggest earners, with split-second gains. Shiba Memu carries a similar potential when listed. It means by capitalising on initial price movements, investors can return big. 

A potential worry for most investors is the high volatility of meme cryptocurrencies. Sharp drawdowns accompany huge price gains. Although such a risk cannot be wished away for Shiba Memu, its AI angle makes it a sustainable project. Over time, the value of Shiba Memu could stabilise and deliver consistent gains to long-term investors. 

Shiba Memu presale and price prediction

Shiba Memu launched with a unique presale. The token’s price increases every day at 6 PM GMT. It means the investment increases every 24 hours for early investors. 

On price prediction, meme cryptocurrencies always surprise markets. These cryptocurrencies attract a lot of online chatter, which drives demand, suddenly pushing prices higher. Over the past months, new meme tokens have risen by up to 10,000%. This doesn’t mean that Shiba Memu will see such margins. It just shows how much potential the token carries once listed. 

Given the above, Shiba Memu could rise 10x, 20x, or even 50x when listed. The overwhelming presale suggests the likely price surge.

The post JPMorgan reportedly considers a payment token as Shiba Memu raises $2.58 million appeared first on CoinJournal.