Schlagwort: crypto business

• Sam Bankman-Fried has been sentenced to 25 years in prison. 
• FTX imploded in November 2022, with customers losing billions of dollars in assets.

Sam Bankman-Fried, the founder and former CEO of collapsed crypto exchange FTX, has been sentenced to 25 years in prison. 

FTX imploded and filed for bankruptcy in November 2022. Sam Bankman-Fried has been in jail awaiting sentence since being found guilty of fraud last year.

SBF gets 25 years in prison for fraud

US District Judge Lewis Kaplan sent Bankman-Fried to prison for less than what prosecutors had asked for. However, the sentencing has delivered a timely reminder to crypto bosses after the FTX demise reverberated across the industry in 2022.

The sentencing on Thursday marks the end of one of the biggest fraud related cases in the world, with 32-year old Bankman-Fried at the center. He was also ordered to forfeit more than $11 billion in property. 

BREAKING‼️ Disgraced FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison

+Ordered forfeit more than $11 billion pic.twitter.com/JwOtDYODFg

— Bitcoin Archive (@BTC_Archive) March 28, 2024

The former FTX chief apologized for his actions in brief remarks before the judge’s sentence. However, his claim that FTX customers will be made whole did not sit well with the judge.

“The defendant’s assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative,” Judge Kaplan noted.

The post Bankman-Fried sentenced to 25 years in prison appeared first on CoinJournal.

• Ethena Labs has announced that the ENA airdrop is set for April 2, with trading on exchanges also open.
• Eligible Shard Campaign participants will be airdropped tokens amounting to 750 million, or 5% of ENA supply.

Ethena Labs is set to mark the next step in its decentralization with one of the biggest airdrops in the crypto market.

The Ethena Labs team announced that the highly anticipated ENA token airdrop happens next week, on April 2. Trading on crypto exchanges also opens on the day.

Per the update, the DeFi protocol’s community will receive a distribution of 750 ENA tokens, which represent 5% of the total supply of 15 million ENA tokens.

ENA distribution follows Ethena’s mainnet launch in February and marks the end of the project’s “Shard Campaign”.

Users’ engagement and accumulation of “shards” ends on April 1, allowing the community to claim ENA tokens from April 2.

ENA airdrop: Who’s eligible?

According to an announcement from Ethena Labs, airdrop eligibility will be pegged on users’ shards accumulation up to the snapshot date on April 1. During this program, the USDe stablecoin’s supply rose to over $1.38 billion.

Participants must have held onto their staked USDe to qualify. Unstaking or selling USDe before this date will see participants become ineligible for the ENA airdrop.

However, following an exploit on DeFi protocol Prisma Finance, a “21 day lock on the mkUSD<>USDe pool on Ethena” was lifted. The exploit on Prisma on Thursday saw more than $10 million in assets stolen and the Ethena team acknowledged the need to allow users immediately withdraw their funds.

“Users will not lose any shards or accrued rewards for withdrawing from this pool,” Ethena Labs posted on X.

We are aware of the ongoing issues with our friends at @PrismaFi

The 21 day lock on the mkUSD<>USDe pool on Ethena has been lifted with immediate effect so users can withdraw as required

Users will not lose any shards or accrued rewards for withdrawing from this pool https://t.co/NEGXegqMVp

— Ethena Labs (@ethena_labs) March 28, 2024

Notably, the top 2,000 wallets eligible for the airdrop will receive 50% of their allocation and have the other 50% subject to a 6-month vesting schedule.

The remaining wallets, which are currently eligible for smaller allocations, are set to enjoy the full liquidity of airdropped tokens starting April 2.

The post Ethena Labs announces 750 million ENA airdrop for its community appeared first on CoinJournal.

• BlackRock CEO Larry Fink believes a spot Ethereum ETF is possible even if SEC designates ETH a security.
• Markets are upbeat amid this outlook despite current weakness.
• Meanwhile, investors eyeing new gems have identified new token Algotech (ALGT).

BlackRock CEO Larry Fink has noted his bullish stance on Bitcoin, with the global asset management behemoth seeing massive uptake for its iShares Bitcoin Trust (IBIT) spot Bitcoin ETF. Fink is also optimistic about a spot Ethereum ETF.

What does this mean for Ethereum price? Elsewhere, why is the new decentralized trading platform Algotech (ALGT) attracting so many investors to its presale?

Larry Fink on potential spot ETH ETF

In comments on Wednesday, BlackRock CEO Larry Fink said that designating ETH a security won’t be “deleterious”, noting that an ETH ETF was still possible.

Various analysts have noted that a spot Ethereum ETF nod from the SEC is unlikely in May. 

However, Fink’s comments align with the broader anticipation that this will eventually get an approval. As such, the BlackRock CEO’s remarks saw a slight flip for Ethereum and other altcoins late Wednesday.

Ethereum price rose slightly to above $3,658. However, it remains choppy amid recent news around the Ethereum Foundation.

The outlook was similar across the altcoin market, except for Dogecoin and Bitcoin Cash.

DOGE and BCH were seeing double-digit gains, perhaps helped by the anticipated Coinbase listing of Dogecoin and Bitcoin Cash futures trading on April 1, 2024. 

Crypto traders are eyeing the futures listing. Interest in new crypto project Algotech is also rising.

Why is Algotech (ALGT) attracting investors?

The crypto world offers multiple opportunities, particularly in the trading space. However, many people around the world are unable to tap into this due to various reasons. One of these is the complexity of the trading market.

Algotech is a new trading platform that seeks to level the playing field, tapping into AI and machine learning to open up opportunities for everyone.

The algorithmic crypto trading platforms offer intelligent trading strategies. The AI-powered platform removes the limitations associated with manual trading, including limited analytics, inconsistency in execution and human emotions and biases.

All these factors make crypto trading on traditional platforms largely unappealing for the ordinary user. Algorithmic platforms change this.

Advanced algorithms allow for real-time access and analysis of markets, datasets and trends. Leveraging the automated platform means users can make informed decisions related to the opportunities available.

With Algotech, users will tap into speed and efficiency, data-driven decision-making and real-time market data. It’s one platform likely to change the crypto trading landscape big time.

Should you buy ALGT today?

The token powering the Algotech ecosystem is ALGT.

According to the Algotech whitepaper, the total supply of ALGT is 350 million. 70% of this is available in presale. The project has raised over $3.3 million from early investors so far, with more than 84.9 million tokens sold.

For a project likely to dominate given its robust technical infrastructure, tokenomics, roadmap and future dominance, the sub-cent presale prices might offer a great entry point.

Currently, the presale is in stage 2, which is 92% sold out with ALGT price at $0.06. Presale participants can access a 20% promotion bonus on all deposits in this stage. Meanwhile, the next stage will see ALGT price rise to $0.08.

Learn more about Algotech here.

The post BlackRock CEO’s ETF comments boosts Ethereum (ETH) and Algotech (ALGT) appeared first on CoinJournal.

• There are reports that the Hong Kong SFC is considering to approve Bitcoin ETFs in Q2 2024.
• VSFG and Value Partners have applied for approval to offer a spot Bitcoin ETF in Hong Kong.
• VSFG is targeting to launch the spot BTC ETF as early as May this year.

Hong Kong’s financial landscape is set for a potential transformation as Venture Smart Financial Holdings Ltd (VSFG), a prominent asset management company, gears up to launch a spot Bitcoin exchange-traded fund (ETF) in the country as early as May.

Collaborating with local firm Value Partners, VSFG has filed an application with the Hong Kong Securities and Futures Commission (SFC) to introduce this innovative investment product to the market.

Hong Kong’s stand on Bitcoin ETFs

Following regulatory considerations initiated in December 2023, Hong Kong regulators have been actively contemplating the approval of spot crypto ETFs within the region.

Earlier, Bloomberg Senior ETF Analyst Eric Balchunas in a post on X, citing a Bloomberg Intelligence report, stated that the SFC is considering allowing in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year.

If true, the move will underscore Hong Kong’s growing reputation as a crypto-friendly hub where financial institutions can readily offer innovative products to local investors.

Industry leaders have echoed the sentiment, urging regulators to expedite the launch of spot ETFs in Hong Kong to meet the increasing demand from investors.

Bitcoin ETF boom and its impact

The approval of spot Bitcoin ETFs in the United States in January sparked a surge in offerings by major financial institutions such as Grayscale, BlackRock, and Fidelity Investments. Accumulating approximately $50 billion in assets within a few months, these ETFs have significantly boosted investor engagement in the crypto market.

Moreover, the approval of Bitcoin ETFs coincided with a substantial BTC price escalation, with its value skyrocketing from around $30,000 to as high as $73,700 in March. Currently trading at $70,630, Bitcoin’s value is poised for further growth, especially with the anticipated approval of spot ETFs in Hong Kong.

VSFG’s move to apply for a spot Bitcoin ETF aligns with the broader trend of financial institutions capitalizing on the growing interest in cryptocurrency investment products. If approved, the ETF would streamline the investment process for Hong Kong-based investors, providing them with a regulated and accessible avenue to gain exposure to Bitcoin.

With the potential launch of the spot Bitcoin ETF in May, VSFG aims to position itself at the forefront of Hong Kong’s evolving financial landscape, catering to the increasing demand for crypto investment opportunities in the region.

The post Hong Kong-based Asset Manager VSFG aiming for a May spot Bitcoin ETF launch appeared first on CoinJournal.

• Bybit.nl brings more crypto services and products to Dutch users.
• The launch follows Bybit’s partnership with SATOS, a crypto platform with operations in the Netherlands and Belgium since 2013.

Bybit has announced the launch of Bybit.nl, a regulated digital asset platform for users in the Netherlands.

The crypto news comes as more people look into crypto trading and investing amid Bitcoin’s surged to above $70k.

According to Bybit, expansion into Netherlands via Bybit.nl is part of the mission to bring crypto to more users across the globe. The new digital asset platform allows for this within the regulatory guidelines of the Netherlands.

“We are thrilled to launch our regulated digital asset platform in the Netherlands, furthering our commitment to serving users while upholding regulatory compliance,” said Ben Zhou, co-founder and CEO of Bybit.

Bybit taps SATOS to expand in the Netherlands

Bybit is partnering with SATOS, a crypto service provider that has operated in the Netherlands and Belgium since 2013. SATOS is supervised by the Dutch National Bank and inked its partnership with Bybit in June 2023.

Bybit.nl marks the next step of the collaboration, the companies said in a press release shared with CoinJournal.

This launch means crypto users in the Netherlands can now access various financial products and trading tools, leveraging a trustworthy trading environment.

In this case, Bybit powered by SATOS will offer a number of benefits to the Dutch crypto community.

Apart from a broader range of financial products, the regulated trading platform will also feature advanced trading tools and more education resources.

Users will also benefit from localized support, with support services tailored for the local crypto community. Bybit.nl also offers access to Bybit Web3 features, including the Web3 Wallet and Airdrop Arcade.

Bybit.nl users will also access fiat deposits and withdrawals, over 300 trading pairs and enhanced crypto asset security, the exchange noted.

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