Schlagwort: crypto market news

• MrBeast allegedly made $23 million from insider trading in crypto projects.
• He reportedly used 50 wallets to promote and dump tokens, misleading investors.
• Evidence includes a publicly shared Ethereum address linked to $13 million in trades.

YouTube sensation MrBeast, known for his engaging content and 320 million subscribers, is facing serious allegations related to cryptocurrency trading.

A group of blockchain investigators claims that MrBeast, whose real name is James Stephen “Jimmy” Donaldson, profited significantly from questionable crypto deals, including a staggering $23 million from what they describe as insider trading.

MrBeast investigation by Loock.io

According to findings from advisory firm Loock.io and blockchain analysts, MrBeast has allegedly operated across approximately 50 wallets, utilizing exchanges such as Binance and Gemini to trade various tokens.

Notably, he reportedly promoted projects like SuperFarm—now known as SuperVerse—alongside fellow influencers like KSI and LazarBeam, only to later sell these tokens to unsuspecting followers.

In one highlighted instance, MrBeast invested $100,000 in SuperVerse, resulting in an estimated profit of $7.5 million. This profit came at the expense of early investors, who were reportedly left without returns due to legal loopholes that voided their gains.

The investigators argue that MrBeast’s influence in the crypto space allowed him to mislead investors while he profited from the very projects he promoted.

The evidence presented stems from an Ethereum address MrBeast publicly shared during a prior NFT purchase, which enabled investigators to trace transactions. They claim that approximately $13 million flowed through the aforementioned exchanges, raising questions about the legitimacy of these trades.

While the public blockchain allows for a certain level of analysis, it does not guarantee the absolute accuracy of claims regarding transaction origins. Nonetheless, the findings appear to have credibility, as they are grounded in publicly verifiable data.

As allegations swirl, the crypto community is closely monitoring the situation, which reflects a broader concern about celebrity endorsements in the volatile crypto market. With many celebrities venturing into Web3, the potential for controversy and financial mismanagement remains high, prompting calls for greater transparency and accountability.

The post MrBeast faces allegations of crypto insider trading appeared first on CoinJournal.

• NYSE Arca is seeking regulatory approval to list an ETF of the Grayscale Digital Large Cap Fund.
• Grayscale recently filed to have go ahead to convert the fund to a spot ETF.

Securities exchange NYSE Arca is seeking regulatory approval to list a new crypto exchange-traded fund by Grayscale.

The ETF aimed at would track the Grayscale Digital Large Cap Fund, which the GBTC issuer launched in 2018 and is not an exchange-traded fund at the moment.

According to an Oct. 29 filing, the NYSE Arca wants to list the $565 million fund, which Grayscale recently sought approval to convert into a spot ETF. Grayscale’s application came on Oct. 16.

The fund currently holds five spot crypto assets, including Bitcoin, Ethereum and Solana, with BTC weighted at 76.5%, ETH at 16.88% and SOL at 4.46% as of Oct. 29.

Other digital assets in the Digital Large Cap Fund are Avalanche and XRP, weighted at 0.58% and 1.58% respectively.

Recently, the US Securities and Exchange Commission (SEC) greenlighted the trading of options on NYSE’s spot Bitcoin exchange-traded products. These included Grayscale’s flagship asset GBTC and the Mini Bitcoin Trust BTC. This comes as the industry continues to witness massive demand and investment in spot Bitcoin ETFs following SEC’s approval in January 2024.

Spot ETFs inflows and holdings

Inflows into spot ETFs, which includes Ether ETFs approved in May, has skyrocketed. According to SoSoValue data, US spot BTC ETFs have seen cumulative net inflows of $23.28 billion.

Meanwhile, total net assets have surpassed $72.55 billion, with this accounting for over 5% of the BTC market cap. BlackRock’s IBIT holds $30 billion in assets.

In a post on X on Oct. 30, Bloomberg senior ETF analyst Eric Balchunas shared that spot Bitcoin ETFs were on track to surpass 1 million BTC holdings.

Satoshi Nakamoto, the creator of Bitcoin who remains unknown, holds the most BTC today. Satoshi mined the coins in the early years of the flagship digital asset’s launch. Spot ETFs could surpass the 1.1 million figure within the next few days.

The post NYSE Arca seeks regulatory nod for Grayscale crypto ETF appeared first on CoinJournal.

Wellington Management, an asset manager with over $1 trillion in assets, has announced a partnership with Ondo Finance in a collaboration that aims to power intraday redemptions for a newly unveiled tokenized US Treasury fund.

Ondo is a decentralized finance protocol that’s seeing rapid growth in the tokenized assets market.

Ondo and Wellington team up on new tokenized fund

The fund in question is the Delta Wellington Ultra Short Treasury On-Chain Fund, or ULTRA, which Standard Chartered-backed tokenization platform Libeara launched in collaboration with fund management infrastructure firm FundBridge Capital.

Delta Wellington Ultra Short Treasury On-Chain Fund is live on the Ethereum blockchain. However, the issuers have plans to expand it to Arbitrum, Avalanche and Solana. The partnership between Wellington Management and Ondo Finance will see the latter offer the technology that will enable intraday redemptions.

1/ Wellington Management Partners with Ondo Finance to Provide Intraday Redemptions for Tokenized US Treasury Fund

Wellington Management (@Wellington_Mgmt) one of the world’s largest independent asset managers with over $1 trillion in assets, has partnered with Ondo Finance to… pic.twitter.com/dy1tefMxxM

— Ondo Finance (@OndoFinance) October 30, 2024

With this, investors can enter and exit positions any time. Ondo and Wellington see this as a crucial step towards enhancing the fund’s utility across web3.

“By enabling 24/7 liquidity, Ondo Finance is ensuring that tokenized assets can be most effectively used as collateral and for cross-border settlement, including in the digital assets ecosystem,” Nathan Allman, chief executive officer of Ondo Finance, said in a statement.

Ondo has Ondo U.S Dollar Yield (USDY) and Ondo Short Term US Government Bond Fund (OUSG), two of the top tokenized US Treasuries funds.

According to rwa.xyz, USDY and OUSG have market caps of $444 million and $205 million respectively. However, that’s notable in a market currently at just over $2.43 billion.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is the largest at over $533 million.

The post Wellington partners Ondo Finance for tokenized US Treasury fund appeared first on CoinJournal.

• Visa said Coinbase users can deposit funds into their Coinbase accounts using eligible Visa debit cards
• The announcement comes as Bitcoin’s price traded near its March all-time high on Tuesday

Coinbase and Visa are teaming up to deliver real-time account funding for customers providing more flexibility in the crypto space.

Available to customers in the US and Europe, the announcement from Visa comes as Bitcoin’s price nearly touched its March all-time high of $73,700 on Tuesday. At the time of publishing, data from CoinMarketCap shows Bitcoin is trading at $72,500.

Through the integration with Visa Direct, Coinbase customers can deposit funds into their Coinbase account using eligible Visa debit cards. According to Visa, the integration gives Coinbase users more flexibility in a “dynamic crypto environment.”

“Providing real-time account funding using Visa Direct and an eligible Visa debit card means that those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night,” said Yanilsa Gonzalez Ore, Head of Visa Direct, North America for Visa.

On top of the real-time deposits, Coinbase users can cash out money from their Coinbase accounts in real-time with their Visa debit cards.

Expanding its reach

The addition of the real-time deposits adds to Coinbase’s Visa debit card it offers its US-based customers.

In October 2020, the crypto platform announced it was launching its Visa debit card, enabling users to make purchases online and in-store. In addition, users would be able to withdraw ATM cash withdrawals.

The launch of its US Coinbase card followed that of its Coinbase Visa debit card to UK and EU customers in 2019.

Bitcoin ETF inflows

The real-time deposit comes as spot Bitcoin exchange-traded funds (ETFs) saw inflows reaching $827 million yesterday, according to data from CoinGlass.

In a post on X, Bloomberg ETF analyst Eric Balchunas said “FOMO confirmed,” citing data showing BlockRocks IBIT brought in daily Bitcoin inflows reaching nearly $600 million.

FOMO Confirmed (and this is just from Mondays activity. Todays don’t show up in flows till tmrw night) https://t.co/jc0kyHJuqc

— Eric Balchunas (@EricBalchunas) October 30, 2024

Balchunas added, “IBIT not alone – altho by far the most – as all the main BTC ETFs saw elevated volume past two days.”

The post Coinbase and Visa Direct deliver instant funding for EU, US customers appeared first on CoinJournal.

• Ramp Network now supports real-time MXN payouts via the SPEI payment system.
• Users can sell crypto and receive funds in their bank accounts within 30 seconds.
• SPEI offers lower fees and operates 24/7, enhancing crypto-to-fiat transactions in Mexico.

Ramp Network, a leading financial technology company, has announced the expansion of its crypto-to-fiat off-ramp support to include the Mexican Peso (MXN) through the SPEI payment system.

This development allows users in Mexico to receive real-time payouts directly to their local bank accounts, available 24/7.

Ramp Network integrates SPEI

SPEI, or Sistema de Pagos Electrónicos Interbancarios, is a robust real-time payment system that connects all major Mexican banks, enabling swift and secure transfers within seconds.

By integrating SPEI, Ramp Network offers a streamlined solution for Mexican users to sell their cryptocurrencies and instantly convert them into fiat currency, significantly enhancing the user experience.

With Mexico emerging as a key market for Ramp Network, the country ranks 16th globally in the latest Chainalysis crypto adoption index and is among the top 20 nations for crypto transaction volume.

Notably, around 14% of the Mexican population now owns cryptocurrency, and 40% of local companies are exploring blockchain technology integration, indicating a vibrant landscape for fintech innovation.

Szymon Sypniewicz, CEO of Ramp Network, expressed pride in the integration of SPEI, stating, “Now, people in Mexico can convert their crypto into fiat in seconds, with lower fees and reduced friction.”

The service charges a flat fee of just 2.9%, significantly lower than traditional methods, thereby minimizing transaction-related issues and providing a reliable payout option that operates year-round.

Users can easily initiate a transaction by selecting the desired cryptocurrency amount, choosing Mexico as their country, and opting for SPEI as the payout method. After entering their bank details, users can expect to receive MXN in their bank accounts within 30 seconds or less.

As part of its mission to provide localized services in Latin America, Ramp Network plans to further enhance its offerings by introducing SPEI on-ramp transactions in the near future, expanding opportunities for both local Web3 developers and global partners.

The post Ramp Network expands crypto-to-fiat support for real-time MXN payouts via SPEI appeared first on CoinJournal.